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!!