Real Estate Market Conditions: July Housing Overview
Summer is wrapping up. The growing housing market in Amarillo continues to rise in price per square foot. 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, the average price of a home is stabilizing at $192,501 in the Amarillo area. Summer is the perfect time to either buy or sell a home! The data below shows the health of the housing market.
Number of Homes Sold:
More homes were sold in July when compared to last July. 359 homes were sold in the Amarillo area this July. This is a 8.42% increase from last month and a 6.21% increase from last July.
Average Sold Price:
The average price of a home is currently $244,731 which is a -.05% decrease from last month but a 6.58% 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 95.10% of their home’s original asking price. This rate has only decreased .70% from last month. Any percentage over 95% 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 83 days before being sold. Closings are occurring -6.74% slower than June 2018 and are just 4.60% slower than last year. An average of 84 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 increase by 14.48% from last year while the number of homes on the market increased by 4.68% from June to July. Potential buyers should be aware of the competitive environment if they plan to purchase this fall.