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!