March 2014 Market Report

The Greater Albuquerque Association of Realtors reported 757 closed single-family, detached homes and condos, which is a wonderful increase from February’s statistic of 609, and puts us at almost a 3.5% increase from March 2013. A little over 1,000 homes are experiencing pending sales, meaning they accepted contracts, and approximately 1,700 new homes came on the market.

What price points and areas are selling the best?

Maintaining our market’s consistency, 79% of sales were below the magic $250 mark, $250-$500,000 range represented 17%, leaving 4% to the upper-end market with 26 homes sold. 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.

How is supply and demand looking?

 Overall, the market indicators are positive for the current spring/upcoming summer market; however, I’m keeping a close eye on supply and demand. February added almost 1,400 new homes, and March added 1,700. With almost 4,500 homes & condos available, inventory is climbing and as the stats show us, 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 of in today’s housing market.