Real Estate Market Conditions: August Housing Overview
Fall is coming soon. The growing housing market in Amarillo continues to increase homes average closing price. MLS data shows an increase in the number of homes on the market which gives prospective buyers more options to consider when purchasing a home. In addition, homes are being sold at higher prices due to increasing property value in the Amarillo area. Fall is the perfect season to take advantage of the housing market! The data below shows the health of the housing market.
Number of Homes Sold:
More homes were sold in August when compared to last August. 383 homes were sold in the Amarillo area this August. This is a 6.39% increase from last month and a 14.67% increase from last August.
Average Sold Price:
The average price of a home is currently $268,491 which is a0.89% decrease from last month and but a 5.58% increase from last year. An increase in selling price is an indicator of growing competition and property values. Homeowners are on average receiving more money selling their homes than in previous years which is encouraging homeowners to sell.
Average Sale-to-List Ratio:
In addition, homes are being sold near their original asking price. On average, homeowners are making 97.2% of their home’s original asking price. This rate has only decreased by .40% from last month. Any percentage over 40% is excellent news for homeowners because it assures sellers that the value of their home will be kept throughout the selling process.
Average Days On-Market Before Sale:
Homes are staying on the market an average of 87 days before being sold. Closings are occurring 3.24% fast than August 2018 and are just 4.46% faster than last year. An average of 49 days is quick, and this tight market competition will continue to drive the real estate market going forward.
Inventory of Homes:
In the Amarillo and surrounding area, the inventory of homes has increased by 3.24% from last year while the number of homes on the market increased by 12.63% from July to August. Potential buyers should be aware of the competitive environment if they plan to purchase this fall.