October 2013 Market Report

The Greater Albuquerque Association of Realtors released their monthly market report October, and I’d love to share these statistics with you and our listeners! We’re starting to see the seasonal adjustments in the figures with only 789 closed for last month, as opposed to the summer figures of around 1,000 properties sold monthly. Still, with 789 closed last month, that puts us at an average of 25 homes sold per day!

What price points and areas are selling the best?

Sales last month of single-family detached homes and condos rose just over 7% from 2012, and have increased slowly but steadily over the past few years, which are positive indicators of our market’s stabilization in strength and continued growth. The Greater Albuquerque areas consistently perform well in the affordable ranges below $250,000, with 79% of sales. The upper-end has been performing slowly but steadily better over the past few years, as well. There were 32 homes sold from $500,000 and up, which is still not terrific, however is an increase from 22 in 2011. As for areas, our market’s consistency creates predictability: the desirable Northeast Heights and Westside are the sweet spots, and the outlying areas remain slow.

What are your thoughts on the overall market?

Many sellers are telling me that they want to wait until after the holidays and into the spring to put or keep their home on the market. I want to reiterate that they may be making the wrong decision. While sales do tend to drop for winter, and there are fewer buyers out there, those buyers are very serious and qualified to purchase a home, and as I just reported, over 25 homes are still selling daily. With so many changes on the horizon for January 1st of 2014, this puts a time crunch on taking advantage of historically low interest rates and the ease of obtaining a loan. Dodd Frank will be impacting the financial world, and mortgages will be more difficult for homebuyers to obtain after January 1st. If any of our listeners are thinking of moving in the next 6 months, I would urge them to call me today and consider making that move in the next 6 weeks!

As always, who do you know that needs to buy or sell real estate today? Thanks!!