Home sales soar in Amarillo - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Home sales soar in Amarillo

AMARILLO, TX (KFDA) - Local realtors say now may be the best time to sell a home in the history of Amarillo.

According to the Amarillo Association of Realtors, homes are flying off the market because the demand is now greater than there are homes for sale.

"FOR SALE" signs are turning into "SOLD" signs at a rapid rate. It now only takes an average of 58 days to sell a home in Amarillo. Normally, it takes at least 90.

Higher demand, low interest rates, and fewer new homes being constructed are causing sales to soar. "Our inventory is just critical," said Doug Srader, the president of the Amarillo Association of Realtors. "If your home is in good shape and priced right, you're going to have a buyer wanting to buy the home."

Home sales rose 15 percent in December, making 2015 a record-breaking year for the number of homes sold. "The last big year was in 2006 and that was before the downturn happened. So not only have we come out of the downturn, we're back on the top now," said Srader.

The demand for homes is not all positive. Srader said many potential sellers are not putting their homes on the market because there aren't other homes available to buy.

A balanced housing market has 6.5 months of housing inventory available, but right now Amarillo only has 2.8. "If someone is thinking of selling their home, I couldn't tell them of a better time," said Srader. "I know that's the business we're in, but that's the truth of it. The numbers are there."

The average home is selling for about $136,250.

Madison Alewel - NewsChannel10

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