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. 

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.   

August 2016 Market Report

Sales: Lets begin with the total sales. In August, 1167 homes and condos sold. That number is slightly up from the 1148 that sold July. We also experience an increase from August of 2015 when 1071 homes and condos sold.   

Inventory: Inventory remains steady. In fact 1692 homes and condos came onto the market last month. That's a healthy number and about a 5% increase from last year. We will see a drop in inventory around the holiday season, and that's normal.

Prices: Overall we are seeing the average sales price continue to climb year to year. To give you a snapshot, in 2014 the average sales price for a detached home was around $214,000. So far for 2016, that number is $222,000. While it's a slow climb, it represents slight growth in the health of the housing market.

Looking to buy or sell? Call us today on my cell at 238-3272, or email me at cheryl@cherylmarlow.com.   

May 2016 Market Statistics

Sales: In May there were 1078 homes and condos that sold. That’s slightly up from April and the good news is that 9% over last May. New inventory for the month was just one more than the same time last year. In fact, it was so close I thought there might have been an error on the statistics with 1720 new homes and condos coming on the market. Even  though we are seeing an increase in sales, to a buyer, there is still limited to choose from. Pending sales remained at the same level with 1336 contracts accepted. We should expect to see those numbers translate to a healthy number of sold units this month and into the fall.

Home Inventory: It's interesting when you look at what's actually happening in the market. In May of last year we had almost 4400 homes and condos on the market. This year we're down 15% to just over 3700 homes. That contributes to why we are starting to see shorter days on market, on average, with 49 days versus 62 last year. 

Price Points: Maintaining our market consistency, we saw the majority of home sales fall in the $250,000 and under mark accounting for 74% of the total sales. 23% of sales were of homes between $250,000 and $500,000 and just 3% of the total sales in May were of homes in the upper end, that's $500,000 and up.

The key to being one that sells, is in pricing and amenities! If you win the price war and beauty contest in the neighborhood, then you'll win over the buyer!

If you're looking to buy or sell a home, call us today at 505-238-1000!

April 2016 Market Statistics

SALES:  In April there were 1038 homes and condos sold. That’s an increase from the 977 homes and condos sold in March and also a 10% increase of detached home sales from the same time last year.

PRICE POINTS:  Maintaining our market consistency, most of last month’s sales were in the more affordable range of $250,000 and below accounting for 74% of the total sales. 23% of sales were in the $250,000-500,000 range and just 3% of sales were in the upper end market… that’s $500,000 and up.

PROPERTY VALUES:  Values are slightly increasing.  In fact the average sales price in April was just over $217,000. That’s an increase from the average of $210,000 in 2015… a positive highlight to pull from last month’s market report as it gives sellers an idea on how prices are faring in today’s market.

FEATURED PROPERTY:  We have a fabulous 2700 square foot, 4 bedroom, 3 bath home in Ventana Ranch at just $235,000.  Call my team today if you would like to schedule a viewing!

IF YOU'RE LOOKING TO BUY OR SELL, CALL US TODAY!!

505-238-1000

March 2016 Market Statistics

SALES: In March 977 homes and condos sold. That’s up from the 718 sales in February and also up 12% from March of last year. Another great highlight is in pending sales. A home goes pending when a contract is written and agreed upon by both buyer and seller. Pending sales were up 11% from 2015. That shows we’re seeing more activity.

DAYS ON MARKET: In March, homes were on the market for an average of 62 days. That’s down from February and also down from March of last year where homes were on the market for an average of about 75 days.  We are seeing condos stick on the market a little bit longer than detached homes, but not by much.

PRICE POINTS: Last month was typical in terms of what price ranges are selling. Maintaining our market consistency, about 75% of the total sales were of homes $250,000 and below. 22% of sales were in the $250,000-500,000 range and just 3% of sales were in the upper end market… that’s $500,000 and up. 

HOW WE CAN HELP:  I know I mentioned it a couple weeks ago, and I’ll say it again, the market is heating up. My team alone has been in several multiple offer situations on the buyer and seller side and I can’t stress enough the importance of having a professional on your side when in a multiple offer situation. A professional, like myself, will help you navigate every aspect of what can be at times a grueling sales process.

IF YOU'RE LOOKING TO BUY OR SELL TODAY, CALL US AT 505-238-1000

February 2016 Market Statistics

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.

IF YOU'RE LOOKING TO BUY OR SELL A HOME... CALL US TODAY! 505-238-1000

January 2016 Market Statistics

JANUARY HIGHLIGHTS: Let’s go over the highlights from last month’s report from the Greater Albuquerque Association of Realtors. It’s important to always start with the total number of homes and condos sold as that will give us a pretty good gauge on where we stand in regards to overall market health. 

SALES:  Last month we saw a total of 693 homes and condos sell in the Greater Albuquerque Area.  That is a decrease from December by about 200 units. And while we experienced a slight increase in sales when compared to January of 2015, it was not by much. We can take into consideration several “life” factors when looking at the decrease in January, especially with families gearing up to send kids back to school and getting rest from what can be, for a lot of people, a crazy holiday season.

PRICE POINTS:  As usual, we experienced the majority of sales in the $250,000 and under price point. Last month that accounted for 74% of the total sales. 22% of sales were in the $250,000 to $500,000 range and we did see a slight increase in sales of upper-end homes with 4% of the total sales in that range.

FEBRUARY FORECAST:  I was looking at the numbers and so far in the month of February, we have averaged about 16 homes selling a day with a total of 257 selling so far this month. Here’s the big number though… 596. That’s how many homes and condos have gone under contract since the beginning of this month. That’s a great number. 

CALL US TODAY IF YOU WOULD LIKE TO BUY OR SELL A HOME!! 505-238-1000

December 2015 Market Statistics

SALES: I’ve looked over the statistics thoroughly and believe it or not, the Greater Albuquerque Area saw more sales in December than in November.  Here are some of the highlights.  In December 727 homes and condos sold.  That’s compared to the 658 that sold in November. Not only did we see the number jump from month to month…it’s also an increase from what we saw sell in December of last year.   

UPPER END ACTIVITY?: I may sound like a broken record, but our market truly is consistent month to month when it comes to activity in certain price ranges.  In December we saw just 3% of sales above $500,000.  22% were of homes and condos between $250,000 and $500,000 and of course we saw a large majority of sales in that magic mark of $250,000 and below.   

MARKET ACTIVITY:  We’ve already seen a lot of activity in January.  I’ll give you a snapshot of what’s already happened.  In just the first few weeks of the New Year, 282 homes and condos sold and 557 have contracts written on them.  Buyers are out there looking and serious buyers are making offers.  If you’re a homeowner on the fence about selling, now is time to get in the game before we see a huge influx of inventory in the early spring.  Less competition means more activity for your home and could ultimately mean a sale.

CALL US TODAY FOR A FREE HOME CONSULTATION!

505-238-1000

November 2015 Market Statistics

SALES: The Greater Albuquerque Association of Realtors released the statistics to us last week.  As I do every month, I want to highlight the important numbers for you and show you how we are comparing to the months past and also year to year.  Last month we saw a total of 714 homes and condos sell in the Greater Albuquerque Area.  That is an increase from the 658 that sold in November of last year and as expected, a decrease from what sold in October as a part of the seasonal slowdown.  If you’ll remember what I mentioned last week though, homes are selling right now at a rate of around 25 every day. That means serious buyers are out looking and ready to make a purchase!

PRICE POINTS: Maintaining our market consistency, we experienced the majority of sales in the $250,000 and under range with 76% of the total sales in that price point.  21% of sales were in the $250,000 to  $500,000 range and  3% of sales were of upper-end homes on the market, that’s $500,000 and above. 

CALL US TODAY FOR A FREE HOME CONSULTATION!

505-238-1000

September 2015 Market Statistics

SALES: I want to begin with the highlights from last month’s market report, most importantly the number of homes that sold. In September, a total of 977 homes and condos sold.  Last month when we talked statistics, I mentioned that we would begin to hit a seasonal slow down and September’s numbers show that is happening. Sales were down from the 1,034 homes and condos that sold in August. I choose, however, to focus on the increase we experienced this September, when compared to last September when just 776 homes and condos were sold. That’s a year to year increase of more than 200 units and a Win for our market!

PRICE POINT: Every month, we see the majority of the sales in the Greater Albuquerque Area under $250,000.  In fact last month that price range accounted for 73% of the total sales and 23% of sales were from $250,000 to $500,000.  We did see a small jump in activity in the upper end last month with 5% of the total sales of homes in excess of $500,000.

WHAT DOES IT MEAN FOR YOU?: I can’t tell you how many times I’ve heard the comments about right now being a “bad time to sell” or “I think we’ll leave our home off the market for now and put it back up in the Spring.”  The fact is Bob, serious buyers are out looking this time of year and homes are selling. At the end of the day, if your home isn’t on the market, then it won’t sell. Let me give you an example of what’s happening in our market right now.  So far this month, 620 contracts have been written in the Greater Albuquerque Area… 620!!  If your home shows well and is priced right, it WILL SELL and my team and I would love to help you make that happen!

Call us today for a free home consultation! 
505-238-1000

July 2015 Market Statistics

Sales: The Greater Albuquerque Association of Realtors has released the July market statistics and as usual, I want to start by highlighting the total number of sales that were made throughout the month.  In July, a total of 1,120 homes and condos were SOLD.  That is an increase from the 1,075 homes that sold in June. Not only did we see that month to month increase, we also were up more than 200 sales more than what sold in July of last year.

Price Points: Maintaining our market consistency, we experienced the majority of sales in the $250,000 and under range with 75% of sales.  Homes that sold between $250,000 and $500,000 accounted for 22% of sales and the upper end, that’s $500,000 and more, were just 3% of the total sales.  

Seasonal Adjustment: Many sellers get nervous around this time of year because we will see what we call a seasonal adjustment in fewer sales … and I will say it is not unique to the Albuquerque market.  Cities all across the country will begin to see the market slow down and experience fewer sales.  However, let’s not confuse that with a lack of buyers or sellers.  Homeowners still need to sell, and buyers will still be out looking.  People often ask us if they should “wait” until the market picks up to put their home up for sale, and my answer is “no”.  Instead, choose to be the seller that strategically places your home on the market, with an experienced agent like myself, while there are buyers out looking and less competition to choose from.  It’s all about your perspective and knowing that there are buyers out there and if your home isn’t on the market, they’ll never see it.

If you're looking to buy or sell a home today, or know someone who is, give my team a call at 238-1000!!