June Market Report 2015

Cheryl's on the Air with 770 KKOB-AM Radio

Home Sales: In June, a total of 1,075 homes and condos were SOLD.  That is an increase from the 997 that sold in May. Not only is it an increase month to month, it’s also a significant jump from the 871 homes and condos that sold in June of 2014.  Last month, in detached homes alone, we experienced a 23% jump in closed sales when compared to last year.  Frankly, that’s great news for our market.

Price Point: Month to month, we've seen homes under $250,000 account for a large majority of sales. In June, however, it wasn’t as large of a chunk of sales that were used to seeing.  Where we normally see anywhere from 74% of sales $250,000 and under, last month, that price range accounted for just 71% of the total sales.  Still, that’s the mass majority of what sold.  And, while we experienced a drop in activity in that price range, we actually saw an increase in the upper end of homes $500,000 and higher.  In June, 5% of sales were in that price range.  We haven’t seen that kind of activity in the upper end all year. This activity shows us that serious buyers are out looking and making serious offers!   

More Highlights: Another highlight I want to mention is that both the average and median sales prices in June were at the highest they’ve been since 2008!  Also, inventory increased from May to June with 1,175 homes and condos entering the market with a total inventory of more than 4,500 homes available.  Based upon last month’s sales, 23% of available inventory sold. That’s 23 out of every 100 homes. That tells me that supply and demand in our market is still out of balance and even with all of the positive market signs; we remain in a buyer’s market and a price war and beauty contest. That’s why it is of the upmost importance to hire a professional, like myself and my team, to represent and guide you through the home selling or buying process! It’s imperative to have a professional on your side of any real estate transaction!

Looking to buy or sell today? Call 238-3272 or email cheryl@cherylmarlow.com.  

May Market Report 2015

Cheryl's on the Air with 770-KKOB-AM Radio

Home Sales: In May, a total of 997 homes and condos sold in the Greater Albuquerque Area.  That's an increase from the 915 that sold in April. Not only is it an increase month to month, it’s also an increase from the 878 homes and condos that sold inMay of 2014.  I also want to mention that healthy increase we are seeing in pending sales.  In May, 1349 homes and condos had contracts written on them.  That is nearly a 24% increase from last year, and we only expect that number to grow over this next month.

Price Points: Month after month we've seen sales $250,000 and under, account for three quarters of the total sales.  Again, that was the case in May. In fact we saw 76% of total sales $250,000 and below.  20% of sales were between 250,000 and 500,000.  What we did see a change in last month, was the number of sales in the upper end…that’s $500,000 and above.  In May, 4% of the total sales were in the upper end.  That’s up from the 3% that we are used to seeing month after month.   

Inventory: In April, we experienced a significant rise in inventory with more homes coming onto the market.  This month, that story has changed.  In May, 1719 homes and condos were new to the market.  That’s about a hundred fewer than in April.  There is still a great deal of competition out there and buyers have the ability to be picky about the homes they decide to seriously consider. That’s why the pricing and marketing of your home is so important and you need to have a Realtor, like myself, on your side who knows the market well and will know how to position your home on the market in order for it to, one, net you more money, and two, get your home sold sooner.

Looking to buy or sell today? Call 238-3272 or email cheryl@cherylmarlow.com.  

April Market Report 2015

The Greater Albuquerque Association of Realtors has released the market statistics for the month of April and reveals some great news for our market.  

Home Sales: Let's begin with talking about the total number of sales.  In April, a total of 915 homes and condos sold.  In March,  that number was 891 and in February it was 604.  So as you can see, those numbers show that we are experiencing  a healthy increase in sales as we get into these warmer months.  In addition to the month to month increases, we saw a huge jump in SOLD signs when compared to last year.  In April of 2014... 773 homes and condos sold.  Do the math, that's a hefty increase of 142 sales and it's great news for our market.

Price Points: As we see month to month, the majority of sales in the Greater Albuquerque Area were under that magic $250,000 mark.  In fact we saw 75% of the total sales under $250,000.  22% of sales were between $250,000-500,000 and as usual, just 3% were over $500,000.  Our market is maintaining its consistency when it comes to what price ranges are selling.

Market Inventory: Inventory is up!  In March, 1700 homes and condos were new onto the market!  Last month, that number increased to 1831.  Right now, more than 4500 homes and condos are available.  That's why if you are a seller... pricing your  home right is more important than ever.   Buyers have too many homes to choose from and if yours is overpriced, a potential purchaser may even overlook it and you could be missing out on that sale, end up having to reduce the price multiple times, rack up time on the market, at the end of the day possibly even netting less money than you could have, had you priced your home correctly in the beginning.  You need a professional, like myself, on your side to help you determine what that sales price should be in order to get your home SOLD!

To Buy or Sell, Call us Today!  238-3272, 238-3272 or email cheryl@cherylmarlow.com

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