June Market Update

    Real Estate Market Conditions: June Housing Overview

    Summer is in full swing and high temperatures aren’t the only thing fluctuating this season. 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.

     

     

    Inventory of Homes:

    In the Amarillo and surrounding area, the inventory of homes has increased 11.6% from last year while the amount of homes on the market has also increased 2.5% from May to June. Potential buyers should be aware of the competitive environment if they plan to purchase this summer.

    Number of Homes Sold:

    More homes were sold in June of this year when compared to last June. 391 homes were sold in the Amarillo area this June. This is a 1.51% decrease from last month and a 13.0% increase from last June. 

    Average Sold Price:

    The average price of a home is currently $182,501 which did not change from last month and only decreased 2.7% from last June. An increase in selling price is an indicator of competition and property value. Homeowners are on average making slightly less money off their homes than in previous years.

    Average Sale-to-List Ratio:

    In addition, homes are being sold near their original estimated value. On average, homeowners are making 95.7% of their home’s original asking price. This great rate has only decreased by 0.2% from last month and increased 0.3% from last year. 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 89 days before being sold. Closings are occurring 2.3% slower than May and 1.1% slower from last June. An average of 89 days is quick and this tight market competition will continue to drive the real estate market going forward.

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