ABQ Pending Sales & Median/Average Sales Prices At Highest Levels For Years
The latest real estate statistics (for June) have just been released by the Greater Albuquerque Association of REALTORS® (GAAR).
While it probably won’t surprise you to learn that these are yet another set of great figures, given current trends, we’ve spotted some significant milestones in them.
The GAAR provides useful bar graphs in all the key measurement categories and we very quickly noticed that pending sales, for both detached and attached homes, reached the highest level for well over a decade last month, with a very significant 22.9% year-on-year improvement for detached and a monster 44.3% improvement for attached over the same time period!
The same can also be said for both median and average prices in the detached and attached categories, where we’ve seen healthy rises so far this year of 4.6% for detached median prices, and 5% for detached average prices, as well as 12 month increases in the order of 6.4% for attached median price and an even more impressive 7.6% hike for attached average price.
It’s little wonder, then, that it is not taking very long at all to sell, with an average number of days on the market for detached properties standing at 46 days and just 36 days for attached. The speed that homes are selling in the attached sector is particularly impressive, given that 36 days represents a 25% time reduction compared to June 2016!
One vital aspect of the monthly statistics that we are constantly tracking is that of inventory of available homes for sale. Unfortunately the news is not so good here, as we are still seeing supply struggling to keep up with the very high demand from buyers. Detached inventory, for example, demonstrated an 18.5% drop over 12 months in June and there was an even more severe fall in attached property, with a 29.2% fall.
However, with all that being said and noted, there were quite encouraging signs in new listings. For detached, while the number of listings was down a little on May, there was a 2.2% increase during the past year and June was still in the top three for the number new listings in one month for some years. Attached faired somewhat better with a most welcome 11.7% increase in 12 months and the second best monthly increase for many years.
While there’s a very long way to go to reverse the overall negative trend in inventory, we’re definitely seeing more newcomers in these peak months than last year, which now seems to be enough of a trend to give at least a scintilla of confidence that things may slowly be turning around (remembering of course that any such gains can be offset by the exceptional demand we’re experiencing in our part of New Mexico).
Low inventory is, of course, great news in the short term for sellers as it facilitates better price robustness and there’s less competition around too. It is, of course, not a welcome aspect of the purchasing market, as there’s less choice and prices are consequently driven up, as we’ve been seeing. To date, however, that seems to have done nothing to dent the incredibly positive buyer sentiment that’s out there, doubtless fueled by the continuation of very low mortgage rates. We have, of course, seen some small rises in rates in the past few days and it will be interesting to see what effect they have. So far in July, however, there doesn’t seem to have been any sort of negative reaction, with reports last week that mortgage applications still rose in the face of higher rates. That’s arguably because many buyers wisely recognize that they can currently lock in a rate that’s low by comparison with any historic scale.
If you’ve been considering selling your property, we trust these latest figures give you ample cause for confidence. Why not contact us today and let us help you to make the most of this great peak season!
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The Romero Team is a group of top New Mexico REALTORS that works together to provide only the best service to each and every client whether it be buying or selling Real Estate in New Mexico. Find FREE Home Valuations, Market Data, and all Information about Buying or Selling a Home in Albuquerque, Santa Fe, Rio Rancho, Corrales, Placitas and Valencia County. The Team provides expert representation in many areas including home sales and marketing, serving as Buyers Agent, luxury homes, and vacant land.
Web Site URL: http://theromeroteamnm.com
Business Address: 2220 Grande Blvd SE d, Rio Rancho, NM 87124
Phone Number: +1 505–750–0030
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