HIGHLIGHTS AND SALES: Each month I pull what I feel are the highlights from the market report. As per usual, let’s begin with the total number of sales of what we call detached and attached homes. You probably know them better simply as homes and condos, and in February we saw 718 total sales. That’s slightly up from the month of January, AND we are still seeing that upward trend in sales in general when compared to 2015.
ABSORPTION RATE: I really want to touch on what we call Absorption Rates. Simply, it measures how long it will take to exhaust or sell the current housing inventory. In the Greater Albuquerque Area last month, we had a rate of 3.7 meaning it would take just under 4 months for the current inventory to sell.
INVENTORY: In February, there were 3,426 homes and condos available. That is down from the around 4,000 that were available in 2015. We will, however, see inventory begin to increase as we get into the warmer months.
INCREASE IN ACTIVITY: I was talking with my team yesterday and one of my buyer’s agents was telling the team how she’s been in a multiple offer situation a few times this month already. People are serious about buying and if you know how to prepare your home for the market and price it right, your home will sell.
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