The stats are in for the month of March and it is not surprising for how active our office has been. Historically, buyers and sellers become more active following spring break and the time change. However, we noticed an uptick as early as February for the “spring” market.
The median sales price rose over the last year by 6.8% to $221,000 because of a declining housing inventory shown by the number of active listings. This number continues to drop as demand for housing persists. Compared to this time last year, there are 23.6% less homes or roughly 81 fewer listings on the market. In response to the low inventory, the number of sold houses also dropped by 3.6%.
The housing inventory for the Amarillo area stays below 1 month. If no new houses were listed in April, the would not be enough supply to last until May. The strong seller’s market continues despite the climb in interest rates. Now through the first Quarter of 2022 and it appears the market is not slowing down!