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.