The Albuquerque Area's Monthly Real Estate Report: April 2017

March 2017 Market Report

Sales: I'd like to begin with the total sales. In the month of March just over 1100 homes and condos sold. That's a significant increase from the 704 that sold in February and also about an 8% increase from the sales of the same time last year.

Price Point Activity: Historically, we see anywhere from 73 to 76% of the total sales being of homes that are priced $250,000 and under. With homes priced under that mark and ATMARKET VALUE, you will often see multiple offers within the first week on themarket. In fact, just over the weekend my team and I had multiple offers on a home in Southwest Albuquerque priced below the $250,000 range. We received multiple showings and multiple offers came in! The important thing to remember is that we priced the home based on what the market was telling us it's current market value was. Because we priced correctly, activity was generated and offers came in!

Determining Market Value: This is where a knowledgeable Realtor comes in. Sellers need a Realtor, like myself, who knows how to assess current market value! Too many Realtors will simply price a home based on what the seller believes it's worth and yet I believe there is a give and take. As the professionals, we would be doing you a disservice if we simply just agreed with you on what you believed your house was worth. It's our job to determine market value based on what's happening in the marketplace today and come to an agreement with sellers on a price that will help get their home sold today!

If you're looking to buy, sell or invest in real estate, call us today at 505-238-3272, 238-3272 or email cheryl@cherylmarlow.com.

February 2017 Market Report

Sales: As I do every month, I'd like to begin with the total sales. In the month of February, 704 homes and condos sold. With the just over 3000 homes and condos that were available to buyers, that means about 23% of all inventory sold last month. We are very much in a Price War and a Beauty Contest. If you are looking to be a part of that small percent of families getting to move every month, it's imperative that you team up with a great Realtor, like myself, who knows the market well and knows how to accurately price and market your home! At the end of the day it's my job to know the numbers and know what price you need to be at in order to get that shiny SOLD sign out in front of your house and not a part of the huge number of homeowners that are having to endure a longer time sitting on the market.

Looking Ahead: Looking ahead to what's already happening this month, we are on pace to see an increase in sales and should easily surpass 800 sales. 387 homes and condos have already sold this month, and we still have more than half of the month left to go.

Inventory: In January, 1352 homes and condos entered the market... last month, that number increased to just over 1400 new units. I am anticipating a large rise in inventory over March and April as we enter into the prime, warm, selling months!

If you're looking to buy, sell or invest in real estate, call us today at 505-238-3272, 238-3272 or email cheryl@cherylmarlow.com.

January 2017 Market Report

Sales: Let’s start with the total sales for the month of January. In January, 720 homes and condos sold. That is a decrease from the 953 homes and condos that sold in December, and while I say that, let's keep perspective on the overall health of the market year over year. The 720 sales in January of this year was actually a nearly 7% increase from January of 2016!

Inventory: We are expecting a huge influx in inventory in the coming months. Just last month, 1352 homes and condo entered the market and more and more homeowners are ready to jump in and get their homes sold as the weather warms up. Also, home prices on average are increasing. January of last year saw a 3% increase over last year in terms of average sales prices, another reason why sellers are more inclined to get in the game. And if you're A homeowner and ready to make a sale make sure you have a great agent on your side. Why?... here's an example. In January a little over 3200 homes were on the market and just 720 sold. That tells me that only about 23% of the available inventory sold, so 77 out of every hundred families with their homes on the market did not yet to pack their bags and move on. That's why it's so important to have a seasoned professional like myself on your side that can help you price the home correctly and be one of the 23 out of every hundred families they got to move.

If you're looking to buy, sell or invest in real estate, call me today at 505-238-3272 or email me at cheryl@cherylmarlow.com.

November/December 2016 Market Report

Today we are covering the November and December numbers to give us a good grasp on how the market is faring overall. Let’s start with the total sales for the month of November.

Sales: In November, 877 homes and condos sold. That was down from the 916 that sold in October….but was a significant increase in sales year over year. In fact we saw more than an 18% increase in detached home sales when compared to 2015. In December, 953 homes and condos sold…an increase from November and a slight increase year over year!

Inventory: With the holiday season over, we are expecting more and more homes to be coming on the market over the next few months and a big surge come spring! A lot of homeowners believe that’s the time to sell and while it IS a great time to sell, there will be more competition. Let me give you an example through a glimpse of what happened to inventory last year. In January of 2016, 1264 homes and condos entered the market as new listings. By June, that number was 1880 homes and condos. You can see that huge increase in inventory over those few months. That means your home has to win what I like to call the “Price War and Beauty Contest” in order to be one of the homes selling each month during that busier time of year. That means price your home well, with the help of a knowledgeable, experienced agent like myself, and get your home show ready! Next week I’m going to share with you some tips on how to do that.

If you're looking to buy or sell, call me today at 238-3272, 238-3272 or email me at cheryl@cherylmarlow.com.

October 2016 Market Report

Sales: In October, 916 homes and condos sold. That number is down from the 1042 that sold in September. It's also a slight decrease from the sales from the same time last year.

Inventory: In October, a total of 1341 homes and condos entered the market. That's a good amount of new inventory in what we consider to be a slower time of year. AND while I say that, we will likely see a decrease in new homes coming onto themarket over these next two months because a lot of sellers do not prefer to have their homes on the market over the holidays. I will say however, it is a smart idea to have your home on the market in months where most people do not. It means less competition and a better chance of a sale for you!

Sales Price: Overall we are seeing the average sales price continue to climb year to year. In October of last year, the average sales price for a single family detached home was just over $212,000. Last month, the average price climbed 2.7% to about $218,000. That is a positive trend for our market and great news for sellers.