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!