January 2015 Market Report

In January,  a total of 585 homes and condos sold in the Greater Albuquerque Area.  That's a decrease in sales from the 727 homes and condos that sold in December.  However, we should take into consideration the number of homes and condos that had contracts written on them last month, which was 924.  That is a healthy jump in activity and based on that number alone I expect to see a significant increase in closed sales for February.

Most of the sales were under that magic $250,000 mark.  In fact last month we saw 79% of sales under $250,000 in January.  That's even up from what we normally see month to month which is around 75%.  And when jumping up to home sales between $250,000-500,000 we saw about 18% of the total activity and 3% was over $500,000.  Our market is maintaining it's consistency when it comes to what's selling. 

Northeast Albuquerque and the close-in west side received a healthy majority of last month's total sales.  The outlying areas of Albuquerque are still slower, but we are starting to see a hike in activity in February.  I am optimistic about these next couple of months and believe that now is a great time to get in the game if you're a seller.  It's a smart marketing move to get your home on the market before we see a huge influx of inventory come Spring. 

If you're looking to buy or sell a home today.. call my team at the office at 505-923-4730 or email us at cheryl@cherylmarlow.com.

December 2014 Market Report

I’ve looked over the December market statistics thoroughly and believe it or not, the Greater Albuquerque Area saw more sales in December than in November.  Here are some of the highlights.  In December 727 homes and condos sold.  That’s compared to the 658 that sold in November. Not only did we see the number jump from month to month…it’s also an increase from what we saw sell in December of last year.  

I may sound like a broken record, but our market truly is consistent month to month when it comes to activity in certain price ranges.  In December we saw just 3% of sales above $500,000.  22% were of homes and condos between $250,000 and $500,000 and of course we saw a large majority of sales in that magic mark of $250,000 and below.   

I do believe we will start to see the market pick up following the holiday season.  In fact, we’ve already seen a lot of activity in January.  I’ll give you a snapshot of what’s already happened.  In just the first few weeks of the New Year, 282 homes and condos sold and 557 have contracts written on them.  Buyers are out there looking and serious buyers are making offers.  If you’re a homeowner on the fence about selling, now is time to get in the game before we see a huge influx of inventory in the early spring.  Less competition means more activity for your home and could ultimately mean a sale.  

November 2014 Market Report

The Greater Albuquerque Association of Realtors has released the numbers for the month of November.  I looked through the market report in depth and pulled out some highlights to focus in on.  In November, 658 homes and condos sold.  That’s down from October’s 827 sold.  And there’s always a silver lining right?  For us, it’s that the 658 sold last month, is actually an increase when compared to the same time last year when just 617 were sold.

Maintaining our market’s consistency…we saw only 4% of the total sales above $500,000.  As expected, most of the sales were made below the $250,000 magic mark totaling for nearly 73% of all of the homes and condos sold in November.  That of course means 23% of sales were between $250,000 and $500,000.

Supply and demand also stood out to me in this report.  Our market is still out of balance.  In November there were 4741 homes and condos available.  Out of the 4741 only 658 sold.  Those numbers tell me that only 14% of homes and condos on the market in November sold.  Let’s break that down … that’s 14 out of every 100 homes and condos available selling. This time of year it is a price war and a beauty contest more than ever.  That’s why it’s so important to have an experienced Realtor on your side who will tell you the truth about how you should price your home and show your home in order to get it Sold! 

September 2014 Market Report

The Greater Albuquerque Association of Realtors just released the statistics report for the month of September.  We did see a decrease in activity since August.  A total of 776 detached homes and condos sold last month when compared to 895 in August.  We predicted this decline with the seasonal slowdown, however September’s sales were almost 10% less than September of 2013 which indicates the real estate recovery in Albuquerque is stagnant at best. 

The outlying areas such as the East Mountains and Placitas continue to be a challenge.  We saw just 5% of the total detached home sales in the East Mountains in September.  Another area that is challenging is in the upper end.  Last month only 3% of sales were above $500,000 and only half of one percent of sales was for homes listed at $750,000 and above.  Maintaining market consistency, 76% of sales were under $250,000 and 21% of total sales were in the $250,000 to $500,000 range. 

As you can imagine pricing, especially in the upper end, is very important with these current market conditions… in fact it is absolutely vital!  You have to be competitively priced to win the price war and the beauty contest with buyers.  The good news is that the buyers out looking this time of year are serious about making a purchase.  They’re looking for a home that shows well and is well-priced.  That’s why it’s so important for sellers and buyers to work with experienced and knowledgeable Realtors like myself who can help you navigate the current market conditions.  If you are a buyer, especially in the upper end, there are great opportunities available to purchase your dream home!

August 2014 Market Report

In the month of August the Greater Albuquerque Association of Realtors reported 895 closed single-family, detached homes and condos.  Almost tied with the 898 sold this past July and 5% below sales we experienced in August of 2013.  We also saw more than 950 pending sales in August.  I’m encouraged by those closing numbers and at the same time I am closely monitoring supply and demand as with 1700 new listings in the month of August we have an oversupply of inventory of 5500 homes.

As usual, we saw quite a bit of activity in the Northeast Heights.  What was different this time around was an increase in activity in some areas West of Coors.  The southwest and northwest heights each had more than 40 sales in the month of August.  I have to mention the East Mountains, as I do quite a bit of business out there and also live out there.  The market is still very slow.  In fact in the month of August there were only 41 detached homes sold.  That’s less than 5% of the total detached sales in the Greater Albuquerque Area.  That area continues to be a challenge, but we are seeing activity.  That’s why it is so important for today’s sellers in these tougher areas to be realistic about pricing and realize that they are constantly in a price war and a beauty contest. 

Maintaining our market’s consistency, we saw most of the sales in August under that $250,000 mark.  In fact 75% of sales last month were under $250,000.   22% of total sales were of homes and condos in the $250,000 to $500,000 range.  That means only 3% of sales were over $500,000. 

July 2014 Market Report

In the month of July the Greater Albuquerque Association of Realtors reported 898 closed single-family, detached homes and condos, which is an increase from June’s statistic of 871. Just about 1,000 homes are experiencing pending sales, and more than 1,700 new homes came on the market.

As usual, $250,000 and below is the hot price range.  In fact, 71% of sales were below the magic $250,000 mark, $250-$500,000 range represented 23%, leaving 6% to the upper-end market with 52 homes sold. The upper-end market just hasn’t seen the strong activity that the affordable price ranges below $250,000 have enjoyed.   Again, the under $250,000 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.. but you really never know when activity will just pick up.  In fact I just took over a listing in the east mountains a couple of weeks ago that had been on the market for 6 months with another agent… this week we received  multiple offers were able to get that home sold.  

Of course, I'm keeping a close eye on supply and demand.  As I mentioned, in the month of July we saw 1,723 new homes come on the market.  That number was nearly the same in June with 1,727 new listings.  That tells me that we are still very much in a buyer’s market with lots of homes for buyers to choose from.  As we talked about a couple of weeks ago, that means sellers have to be realistic when pricing their home in order for their property to stick out to a buyer! 

June 2014 Market Report

The Greater Albuquerque Association of Realtors has released the market statistics for the month of June, and I have to tell you, we didn't see much of a change when compared to May.  The associated reported 871 closed single-family, detached homes and condos.  That is a slight decrease from May.. but when I say slight, I really do mean slight, by only 7 homes.  A little over 1,000 homes are currently pending, meaning they’re under contract, and more than 1800 homes and condos came onto the market in June.

When talking price points, in June we saw most detached home sales under the $250,000 mark making up 66% of the total sales.  The $250 to 500,000 range represented 23%, leaving just 3% to the upper-end market with 26 homes sold. 

The Northeast Heights continues to be a hot area for sales. Unfortunately the East Mountains is not seeing the same activity as it is suffering from a lack of balance in supply and demand.  As always, I keep an eye on the supply and demand.  In May, we saw 1734 new homes hit the market. 1727 were added in June.  With more than 6200 homes & condos available right now the inventory is climbing.  While we are absorbing more recent inventory… supply and demand is still off balance with pending sales still working to keep up.