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!!