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!!