I’m excited to report that single-family detached home sales for December this year saw an almost 8% increase from December of 2012! There were 713 homes and condos closed last month, putting as at an average of 23 homes sold per day. Available inventory has increased from last year with over 4,900 homes and condos on the market. I’m keeping a close eye on supply and demand, as this ultimately drives values of properties up or down!
What price points are selling the best?
Sales of single-family detached homes and condos have increased slowly but steadily over the past few years, which are positive indicators of our market stabilizing. The Greater Albuquerque areas consistently perform well in the affordable ranges below $250,000, with 74% of sales, with a full 15% in the $200-$250,000 range. The upper-end has been performing slowly but steadily better over the past few years, as well. Looking at the stats over the past couple of years, the upper-end only had 17 sales in December of 2011, and in December of 2013 there were 26 homes sold from $500,000 and up, representing 4% of sales. These figures overall indicate market stabilization under $250,000, and market improvement from $250-$500,000 with 22% of sales. With over 400 homes available priced at $500,000 and above, supply and demand are still out of balance in the higher price ranges.
Can you tell us about the areas that are performing the best?
Consistently the strongest number of sales are in the affordable price ranges always remains, and performed fantastically in the Northeast Heights, close-in west side, and a small section of southern Rio Rancho. The outlying areas, such as the East Mountains, are experiencing the same predicament as the upper-end. With an oversupply in these slower moving locations or in these higher price points, the price war and the beauty contest are still critical to keep in mind if you’re a seller. If you’re a buyer, there are still fabulous opportunities to purchase homes of terrific value with historically low interest rates.
