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Amarillo Housing Market Continues to Buck the National Trend 01-Dec-2006 | Much of the talk in the national media is about the housing market and fairly significant declines on the East and West Coasts. First Equity Realtor’s statistics for the third quarter of the Amarillo Housing market show a brighter picture.
Amarillo has increases in the number of homes sold (4.5%) and the average sales price (4.1%) compared to twelve months ago. The median sales price is up 9% showing that there are higher-priced homes being sold. Some slippage is occurring since homes are on the market an average of 90 days, up from 82 days and the number of homes listed is up by 20%. However, the listing prices are up 11% from last year.
Homes in the price ranges from $50,000 all the way up to $300,000 are selling at about 97% of the list price with days on the market ranging from 77 to 117. High priced homes are selling for about 94% of the list price, and very low priced homes about 875 of the list price. The $130,000 price range continues to be where most sales are occurring. Below $200,000, the number of months of inventory is three to five. However, in the $300,000 plus category, there are eleven to twelve months of inventory, meaning that it may take that long for a house to sell.
New housing starts have slowed dramatically the last two months, and this should be a stabilizing factor for the housing market. Since job growth continues to be strong, Amarillo’s housing market should continue to buck the national trends. For more information on the Amarillo Economy, visit the Amarillo National Bank website and view the Economy Pulse. |
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