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2015 Amarillo Housing Market Activity Main Photo

2015 Amarillo Housing Market Activity


Posted: February 01, 2016 by Rachel Shreffler



2015 Amarillo Housing Market Activity

Closed Sales
The 2015 Amarillo/Canyon single family residential market finished the year with its best ever performance.  
3,499 closed transactions occurred in 2015, up 12.29% from the 3,116 closed sales experienced in 2014. This is the third straight year that total Amarillo/Canyon closed sales eclipsed the 3,000 mark. The previous market high was 3,492 closed sales in 2006, the high point of the last local real estate market cycle.   Texas average was 3.4%, as of November 2015. 

Single Family Home Prices
Average and median single family home prices were up 3.78% to $172,784, and 3.87% to $147,500, respectively. As always, price increases remain neighborhood and property-specific (location, condition, features, etc.) and average and median numbers are a poor substitute for a specific property or neighborhood market analysis.


Listing Inventory
There were 952 active single family listings in the multiple listing service (MLS) as of December 31, 2015. This is a decrease of 136 listings from one year ago, a 12.50% decrease.
Based on 2015 sales activity and the year-end inventory of active listings, the Amarillo metro area had 3.26 months of available inventory, an amount that is considered seller-biased according to The Real Estate Center at Texas A&M’s definition of a balanced market at 6.5 months of available inventory. Additionally, there is no adjustment for those chronic listings whose pricing, physical condition or location fails to attract buyer interest. The only significant imbalance of supply and demand is found in homes priced above $750,000.

Building Permits
500 new single family homes were permitted in 2015, 28 more homes than permitted in 2014.  247 new home sales were reported by the Amarillo Association of Realtors’ multiple listing service (MLS) in 2015 as compared to 259 in 2014, 12 fewer. However, this is not an apples-to-apples comparison since well less than 100% of new home sales occur through the MLS and that percentage varies from year to year. The average and median sales prices for new homes in 2015 were $264,175 and $231,000, respectively. The current inventory of new home listings is 124, which represents 6.02 months of inventory based on 2015 sales activity.

Foreclosure Activity
Foreclosures in Potter/Randall Counties totaled 359 in 2015 compared with 358 in 2014 and the five year moving average of 454 foreclosures per year. However, we saw an increase in posting and foreclosure activity in the 4th quarter, basically wiping out a 6% decrease during the first three quarters of the year. The flat local economy could be a reason for this uptick. We’re forecasting an increase in foreclosure activity in 2016.
2016 Forecast
3,500 Single Family Sales
$180,000 average sales price; $155,000 median sales price
1,000 active listings at year-end 2016
500 - 525 Single Family Building Permits
400 - 425 Foreclosures

Sources:
Amarillo Association of Realtors Multiple Listing Service
National Association of Realtors
Texas A&M Real Estate Center
Texas Workforce Commission
City of Amarillo
Amarillo Foreclosure Report
Rockrose Development
The Greenways
Williams Group

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