May Market Update
Market Conditions are Prime for Selling a Home: Monthly Overview
Amarillo has seen an increase in the number of homes sold in May as well as an increase in the number of listings on the market. The average price of a home has increased since last year, and on average, sellers are retaining 95% of their original asking price. The Amarillo housing market’s increasing home saturation and sales price trends are creating a competitive selling market. Homeowners are on average selling their home within 87 days. These and other statistics show that market conditions are prime for selling a home. The individual breakdown of each statistic is shown below.
In the surrounding Amarillo area, the frequency of new home listings has increased 10.8% from last year while active listings have also increased 18.8% from April to May. This market saturation means that potential buyers have more homes to choose from. A saturated market creates flexibility and options for buyers.
Average Sold Price:
The average price of a home is currently $193,308 which is a 6.3% increase from last month and a 2.4% increase from last May. Homeowners are on average making more money off their homes than in previous years. This increase encourages homeowners to sell their property.
More homes are being sold each month. 394 homes were sold in the Amarillo area this May. This is a 2.9% increase from last month and a 7.1% increase from last year. Amarillo is a growing community and the housing market is increasing to match the developing need.
Average Sale-to-Original List Ratio:
Homes are selling near their original estimated value. This is great news for homeowners because it assures that the value of their home will stay consistent. On average, homeowners are making 95.3% of their home’s original asking price. This great rate has only decreased by 0.3% from last month 0.6% from last year.
Average Days-on-Market Before Sale:
Homes are staying on the market an average of 87 days before being sold. Closings are occurring 2.3% slower than last May.