AMARILLO, Texas (KAMR/KCIT) — For sale signs are not necessarily rare to spot in front yards in Amarillo or really anywhere within the state. However, it seems like they are never up for long. Additionally, another topic of concern has been housing affordability.
According to a report by Porch from April of 2021, the average price of a 2,000 square foot home in Amarillo is approximately $255,000. Additionally, Ceila Welsch, Chairman of the Amarillo Association of Realtors shared her knowledge on the average price of a three-bedroom home in Amarillo.
Welsch stated, “When you do the the comparisons, and when you do those metrics, you know, it does show that the average medium sales price is probably around 235 or so.”
While this may seem expensive to those living in the Amarillo area, Welsch said that this is a relatively low price compared to other areas and cities in Texas.
Additionally, Welsch contributed that six-figure average from a combination of high demand within the housing market and from selling “higher-end” homes here in Amarillo.
“We’re still trying to meet the demands of putting homes on the market. For people to be able to buy, they come on, they don’t last long. So we still have that pent up demand in our market.”
While the quick pace and prices are not making this an ideal situation for buyers, Welsch shared that these same factors are also contributing to a trend of hesitation for sellers.
“We still do have this slower, you know, amount of time that people are considering putting their homes on the market, because we still have that issue where they’re afraid to put it on the market and go under contract and be homeless because they may not have a place to go,” said Welsch.
According to Coldwell Banker and Welsch, in recent months, Amarillo’s Metropolitan Statistical Area (MSA) has less than 350 active listings. In May, that number was down to a historic low of 314.
“Ordinarily, this time of the year, I would think we were- we’d still be at maybe 800, 900 homes and stuff. So you know, say three years ago it was much higher,” said Welsch.
Also according to Coldwell-Banker, there were 348 active single-family listings in Amarillo’s MLS, as of March 31, 2021. That number is down 444 listings from a year ago, in 2020. That is roughly a negative 56% decrease. At the time, that was the lowest reported inventory in the MLS, dating back to 1977.