February 2014 Market Report

The Greater Albuquerque Association of Realtors reported 609 closed single-family, detached homes and condos and almost 800 homes that went into pending status, meaning they accepted contracts. These will show as closed in the next 30-60 days, so we are headed for another positive spring market. 

What price points and areas are performing the best?

We saw a slight increase from the consistent 75-80% of all sales below $250,000, with 81% of all sales in February under that magic 250 mark. $250-$500,000 represented 16% of total sales. Just 3% of total sales were from $500-$1 million, without any February closings in excess of the $1 million mark. The upper-end market just hasn’t seen the strong activity that the affordable price ranges below $250,000 have enjoyed. The under $250 magic market was hottest in the Northeast Heights and close-in Westside. The outlying areas, such as the East Mountains, are experiencing the same predicament as the upper-end, supply and demand have just not yet reached their balance. In these 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. 

Can you tell us more about the supply and demand ratios?

Overall, the market indicators are positive for the spring/summer market; however, I’m keeping a close eye on supply and demand. February added almost 1,400 new listings, and with almost 4,500 homes & condos available, inventory is climbing and the pending sales demand isn’t keeping pace just yet. My prediction is that we will start to absorb more of this recent inventory over the next few months. Whether you’re a buyer or seller, there are still great opportunities to take advantage in today’s housing market. 

January 2013 Market Report

Yes, it is time, as the MLS Monthly Review from the Greater Albuquerque Association of Realtors for January was just released and I’d like to share it with our listeners today. We’ve hit the ground running since New Year’s, and I have such enthusiasm for the real estate market in 2013! Articles from the internet’s CoreLogic to our local paper, ABQ Journal, are broadcasting the stabilization of the real estate market that I’ve been reporting for months.

What indicators do you see of stabilization?

Pending and closed single-family, detached homes both saw an increase of over 16% from January of 2012. We had an incredible 34% increase in pending sales from January compared to December! Our market reports consist of data on single-family detached as well as attached homes, and they both performed well in the two sweet spots. The $140-$160,000 and the $200-$250,000 price ranges saw the most activity. The upper-end price range slowed with only 11 homes closed over $500,000, 17% are between $250-$500,000, and so, truly, the sweet spot at 81% of sales are anything below $250,000.

Sounds like positive momentum for this upcoming year. How about supply and demand?

Supply and demand are balancing with just over 4,000 homes available. As the market stabilizes and people are hearing positive momentum in the real estate market, more people are putting their homes up for sale, with 1,350 new listings in January alone. The big news is over 1,050 homes had offers accepted, which is amazingly strong Buyer activity the first of the year. As I’ve said for the last few months, if you are interested in selling, call me today, don’t wait until the spring when the inventory increases. I believe Buyers are realizing the time to buy is now as evidenced by these numbers. If you are interested in buying or selling, sooner rather than later is my advice.

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

February 2013 Market Report

I’m excited to report another exciting month for February 2013! With 596 closed single-family, detached and condo/townhouse homes, this was the strongest February since 2007. The best news was that there are almost 1,000 homes that went into pending status, meaning they accepted contracts. These will show as closed in the next 30-60 days, so we are headed for a very strong spring market. The median and the average sales price also increased over 4%, after having decreased over 4% in January. It is very important to note that when we see the median and average sales prices going up and down, it does not mean that your home has lost or gained 4% of value in any given month. This pendulum swing does not indicate appreciation nor depreciation of homes, but instead is based upon the successful sales prices of all homes which are impacted by the number of upper-end homes sold versus affordable homes.

What price points and areas are selling the best?

Compiling a full 24% of total sales, the consistent two sweet spots of $140-$160,000 and $200-$250,000 performed admirably. We are still seeing 78% of all sales below $250,000. One of the most exciting figures I have to report is the upper-end, with 18 closed sales between $500,000 and $1 million, and 3 homes over $1 million. This is exciting news for all homeowners!

What can you tell us about supply and demand?

We are averaging over 1,000 new homes on the market monthly with spring’s imminent arrival. Right now, we have a total of over 4,000 homes available, and absorption rates are still holding strong in most areas in February. There’s also another upswing in multiple offers on competitively priced, affordable homes. If you’re a buyer or a seller, all of this positive market activity substantiates my predictions that 2013 is truly the year of recovery!

Call me today to take advantage of the opportunities in today’s housing market.

March 2013 Market Report

The MLS Month in Review for March was recently released and I’m excited to report that we are in full swing of the spring market! With 731 closed single-family, detached and condo/townhouse homes, we’re at a 13% increase from March of last year. The best news was that there are over 1,200 homes that went into pending status, meaning they accepted contracts, also giving us an over 21% increase from February 2013. These statistics show that we are headed for a very strong year! The median and the average sales price also increased over 10% from March 2012. It is very important to note that when we see the median and average sales prices going up and down, it does not mean that your home has lost or gained 10% of value in any given month. This pendulum swing does not necessarily indicate appreciation nor depreciation of homes, but instead is based upon the successful sales prices of all homes which are impacted by the number of upper-end homes sold versus affordable homes.

What price points and areas are selling the best?

The sweet spot of $200-$250,000 outperformed them all, with 104 of the overall closed homes. We are still seeing 78% of all sales below $250,000. Consistently, under $250,000 in the affordable areas of the Northeast Heights is the most active market. The upper-end market over $500,000 and the outlying areas of the East Mountains and Placitas continue to be much slower moving than the overall market, however they tend to improve seasonally. The good news is that this creates appealing opportunities for buyers in those slower moving markets.

What can you tell us about supply and demand?

Inventory is increasing, and that trend will likely continue until late summer. We had 1,388 new listings of homes for sale in March, and right now, we have a total of over 4,270 homes and condos available. Supply and demand are balancing in most areas. If you’re a buyer or a seller, all of this positive market activity substantiates my predictions that 2013 is truly the year of recovery!

Call me today to take advantage of the opportunities in today’s housing market!

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

April 2013 Market Report

I’m thrilled to deliver outstanding news for another consecutive month. With 801 closed single-family, detached and condo/townhouse homes, this puts us at an increase of over 20% from April of 2012, and even a 8.5% increase from March of this year! With over 1,200 pending sales, meaning they accepted contracts, April of this year was the highest month since May 2006! These will show as closed in the next 30-60 days, so the consistent increase in market stability will hold strong, and hopefully continue to grow. 

What price points and areas are performing the best?

As is the norm lately, 80% of sales are below $250,000, with the $200-$250,000 range holding the sweet spot with 14% of total sales for the Greater Albuquerque Areas. Another exciting figure I have to report is the upper-end, with 17 closed sales between $500,000 - $1 million. This is exciting news for all homeowners! The Westside and Northeast Heights performed the best in the sweet spot, with pockets of Rio Rancho in a close second. Outlying areas, such as Los Lunas, Placitas, and the East Mountains, continue to move slower than I’d like to see; however, this creates opportunities for buyers in those areas!

So what is your take on the overall market?

I predict that we will continue to see fantastic activity throughout the hot summer season. The market’s overall absorption rate for April  was 20%, with some areas, such as Paradise East & West, Northeast Heights, and Four Hills at 22-24%. Amazingly, the slowest area was Downtown, at 6%, which is still great news! Translated into English, that is 6 out of every 100 homes available selling, and now we’re at 20 homes sold for every 100 available. It is exciting to be able to offer market reports that are positive! It wasn’t long ago I had to look hard to find the silver lining, and now the market looks good for both buyers and sellers!

May 2013 Market Report

I’m excited to deliver amazing news on this continuous upswing in increased stability and strong activity! With 987 closed single-family, detached and condo/townhouse homes, this puts us at an increase of over 22% from May of 2012, and even a 24% increase from April of this year! With over 1,370 home and condo pending sales, meaning they accepted contracts, we are at an increase of 400 more pending sales from June of 2012! These statistics show that my predictions for a strong year are holding true, and we continue to see increased activity.

What price points and areas are selling the best?

75% of homes have sold under $250,000 in the Greater Albuquerque Areas, with 12% each in the sweet spots of $140 - $160,000 and $200-$250,000 ranges. These statistics are showing us an increase in the Westside and Northeast Heights that have performed the best in the sweet spots, with pockets of Rio Rancho in close second. Outlying areas, such as Los Lunas, Placitas, and the East Mountains, continually move slower than we’d all like to see; however, this market creates opportunities for buyers in those areas!

What is your take on the overall market?

The hot summer season is the time to buy, and those serious buyers are out there! The market’s overall absorption rate for May was 22%, with some areas, such as Paradise East & West, Northeast Heights, Downtown, and Four Hills at an invigorating 22-38%! For the upper-end market, 37 homes sold last month over $500,000, with 493 available. This gives us an 8% absorption in the upper end inventory, which is still slow-moving, but creates opportunities for buyers in the upper end. It is exciting to be able to offer market reports that are positive! The market looks good for both buyers and sellers. It really is time to call me today and start packing!

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

June 2013 Market Report

I’ll let the GAAR report for June’s statistics speak for themselves. Numbers are climbing ever higher, and it’s exciting to report! With 4,954 homes for sale in the Greater Albuquerque Area, this is the highest number of homes for sale since October 2011. Conversely, 953 homes sold last month, putting us at an increase of over 25% of sales from June of 2012. Also, June marked the fourth consecutive month with new pending sales, meaning they accepted contracts, exceeding 1,000. These will show as closed in the next 30-60 days, so the consistent increase in market stability will hold strong, and hopefully continue to grow before the end of the summer season.

What price points and areas are selling the best?

The consistent sweet spots are the Westside and Northeast Heights. Month after month, I am reporting 75-80% are below $250,000.  Some good news is that there are over 500 homes available priced in the upper end market, over $500,000. With 41 closed sales last month, that reflects 8 out of every 100 upper end homes sold. There remains an oversupply in this market; however, that price point is improving. The Westside and Northeast Heights performed the best below the $250,000 range. Outlying areas, such as Los Lunas, Placitas, and the East Mountains, continue to move slower than I’d like to see; however, this creates opportunities for buyers in those areas!

What are your thoughts on the overall market?

I predict that we will continue to see strong activity throughout the hot summer season with a seasonal slowdown in the fall. The market’s overall absorption rate for June was 22%, with some areas, such as Paradise East & West, Northeast Heights, and Four Hills ranging between 20% & 30%. Interestingly, the slowest areas were Corrales, Placitas, and the East Mountains varying between 6% & 7%. Translated into English, that is 6 out of every 100 homes available selling in the slower market areas, and the overall market is at 20 homes sold for every 100 available. Today’s market activity confirms it’s a great time to buy or sell!

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