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

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

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.  

March 2015 Market Report

Cheryl Marlow - Residential Real Estate Expert on 770-KKOB-AM Radio

Overview of Sales: The Greater Albuquerque Association of Realtors has released the statistics for the month of March and as we always do, we will begin with the total number of sales.  In March, a total of 891 homes and condos were sold.  In February,  that number was 604.  As you can see, we experienced a healthy increase in sales over the last month.  In addition to the hike in sales from month to month, we also saw a jump in SOLD signs when compared to last year.  In March of 2014... 757 homes and condos sold.   Compare that to this year and we experienced a jump of more than 100 sales.  That's great news for our market.   

Price Points: Last month, a large majority of sales in the Greater Albuquerque Area were under that magic $250,000 mark.  In fact we saw 76% of the total sales under $250,000.  21% 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. 

Inventory:  In March, nearly 1700 homes and condos were new to the market!  That's a healthy jump in inventory.  For sellers that means more competition.... for buyers, more choices!  That is why it is critical for sellers to be competively priced if they want their home to sell.  As of late, just about 20 homes out of every 100 sell.  For your home to be one of the 20% selling every month, you need a Great Realtor, a Great Price and a Great Marketing plan. 

Call us today for a free home value estimate at 505-923-4745!

Or email cheryl@cherylmarlow.com

February 2014 Market Report

The Greater Albuquerque Association of Realtors reported 609 closed single-family, detached homes and condos and almost 800 homes that went into pending status, meaning they accepted contracts. These will show as closed in the next 30-60 days, so we are headed for another positive spring market. 

What price points and areas are performing the best?

We saw a slight increase from the consistent 75-80% of all sales below $250,000, with 81% of all sales in February under that magic 250 mark. $250-$500,000 represented 16% of total sales. Just 3% of total sales were from $500-$1 million, without any February closings in excess of the $1 million mark. The upper-end market just hasn’t seen the strong activity that the affordable price ranges below $250,000 have enjoyed. The under $250 magic market was hottest in the Northeast Heights and close-in Westside. The outlying areas, such as the East Mountains, are experiencing the same predicament as the upper-end, supply and demand have just not yet reached their balance. In these locations or in these higher price points, the price war and the beauty contest are still critical to keep in mind if you’re a seller. If you’re a buyer, there are still fabulous opportunities to purchase homes of terrific value. 

Can you tell us more about the supply and demand ratios?

Overall, the market indicators are positive for the spring/summer market; however, I’m keeping a close eye on supply and demand. February added almost 1,400 new listings, and with almost 4,500 homes & condos available, inventory is climbing and the pending sales demand isn’t keeping pace just yet. My prediction is that we will start to absorb more of this recent inventory over the next few months. Whether you’re a buyer or seller, there are still great opportunities to take advantage in today’s housing market. 

January 2013 Market Report

Yes, it is time, as the MLS Monthly Review from the Greater Albuquerque Association of Realtors for January was just released and I’d like to share it with our listeners today. We’ve hit the ground running since New Year’s, and I have such enthusiasm for the real estate market in 2013! Articles from the internet’s CoreLogic to our local paper, ABQ Journal, are broadcasting the stabilization of the real estate market that I’ve been reporting for months.

What indicators do you see of stabilization?

Pending and closed single-family, detached homes both saw an increase of over 16% from January of 2012. We had an incredible 34% increase in pending sales from January compared to December! Our market reports consist of data on single-family detached as well as attached homes, and they both performed well in the two sweet spots. The $140-$160,000 and the $200-$250,000 price ranges saw the most activity. The upper-end price range slowed with only 11 homes closed over $500,000, 17% are between $250-$500,000, and so, truly, the sweet spot at 81% of sales are anything below $250,000.

Sounds like positive momentum for this upcoming year. How about supply and demand?

Supply and demand are balancing with just over 4,000 homes available. As the market stabilizes and people are hearing positive momentum in the real estate market, more people are putting their homes up for sale, with 1,350 new listings in January alone. The big news is over 1,050 homes had offers accepted, which is amazingly strong Buyer activity the first of the year. As I’ve said for the last few months, if you are interested in selling, call me today, don’t wait until the spring when the inventory increases. I believe Buyers are realizing the time to buy is now as evidenced by these numbers. If you are interested in buying or selling, sooner rather than later is my advice.

As always, who do you know that needs to buy or sell real estate today? Thanks!!

February 2013 Market Report

I’m excited to report another exciting month for February 2013! With 596 closed single-family, detached and condo/townhouse homes, this was the strongest February since 2007. The best news was that there are almost 1,000 homes that went into pending status, meaning they accepted contracts. These will show as closed in the next 30-60 days, so we are headed for a very strong spring market. The median and the average sales price also increased over 4%, after having decreased over 4% in January. It is very important to note that when we see the median and average sales prices going up and down, it does not mean that your home has lost or gained 4% of value in any given month. This pendulum swing does not indicate appreciation nor depreciation of homes, but instead is based upon the successful sales prices of all homes which are impacted by the number of upper-end homes sold versus affordable homes.

What price points and areas are selling the best?

Compiling a full 24% of total sales, the consistent two sweet spots of $140-$160,000 and $200-$250,000 performed admirably. We are still seeing 78% of all sales below $250,000. One of the most exciting figures I have to report is the upper-end, with 18 closed sales between $500,000 and $1 million, and 3 homes over $1 million. This is exciting news for all homeowners!

What can you tell us about supply and demand?

We are averaging over 1,000 new homes on the market monthly with spring’s imminent arrival. Right now, we have a total of over 4,000 homes available, and absorption rates are still holding strong in most areas in February. There’s also another upswing in multiple offers on competitively priced, affordable homes. If you’re a buyer or a seller, all of this positive market activity substantiates my predictions that 2013 is truly the year of recovery!

Call me today to take advantage of the opportunities in today’s housing market.

March 2013 Market Report

The MLS Month in Review for March was recently released and I’m excited to report that we are in full swing of the spring market! With 731 closed single-family, detached and condo/townhouse homes, we’re at a 13% increase from March of last year. The best news was that there are over 1,200 homes that went into pending status, meaning they accepted contracts, also giving us an over 21% increase from February 2013. These statistics show that we are headed for a very strong year! The median and the average sales price also increased over 10% from March 2012. It is very important to note that when we see the median and average sales prices going up and down, it does not mean that your home has lost or gained 10% of value in any given month. This pendulum swing does not necessarily indicate appreciation nor depreciation of homes, but instead is based upon the successful sales prices of all homes which are impacted by the number of upper-end homes sold versus affordable homes.

What price points and areas are selling the best?

The sweet spot of $200-$250,000 outperformed them all, with 104 of the overall closed homes. We are still seeing 78% of all sales below $250,000. Consistently, under $250,000 in the affordable areas of the Northeast Heights is the most active market. The upper-end market over $500,000 and the outlying areas of the East Mountains and Placitas continue to be much slower moving than the overall market, however they tend to improve seasonally. The good news is that this creates appealing opportunities for buyers in those slower moving markets.

What can you tell us about supply and demand?

Inventory is increasing, and that trend will likely continue until late summer. We had 1,388 new listings of homes for sale in March, and right now, we have a total of over 4,270 homes and condos available. Supply and demand are balancing in most areas. If you’re a buyer or a seller, all of this positive market activity substantiates my predictions that 2013 is truly the year of recovery!

Call me today to take advantage of the opportunities in today’s housing market!

As always, who do you know that needs to buy or sell real estate today? Thanks!!

April 2013 Market Report

I’m thrilled to deliver outstanding news for another consecutive month. With 801 closed single-family, detached and condo/townhouse homes, this puts us at an increase of over 20% from April of 2012, and even a 8.5% increase from March of this year! With over 1,200 pending sales, meaning they accepted contracts, April of this year was the highest month since May 2006! These will show as closed in the next 30-60 days, so the consistent increase in market stability will hold strong, and hopefully continue to grow. 

What price points and areas are performing the best?

As is the norm lately, 80% of sales are below $250,000, with the $200-$250,000 range holding the sweet spot with 14% of total sales for the Greater Albuquerque Areas. Another exciting figure I have to report is the upper-end, with 17 closed sales between $500,000 - $1 million. This is exciting news for all homeowners! The Westside and Northeast Heights performed the best in the sweet spot, with pockets of Rio Rancho in a close second. Outlying areas, such as Los Lunas, Placitas, and the East Mountains, continue to move slower than I’d like to see; however, this creates opportunities for buyers in those areas!

So what is your take on the overall market?

I predict that we will continue to see fantastic activity throughout the hot summer season. The market’s overall absorption rate for April  was 20%, with some areas, such as Paradise East & West, Northeast Heights, and Four Hills at 22-24%. Amazingly, the slowest area was Downtown, at 6%, which is still great news! Translated into English, that is 6 out of every 100 homes available selling, and now we’re at 20 homes sold for every 100 available. It is exciting to be able to offer market reports that are positive! It wasn’t long ago I had to look hard to find the silver lining, and now the market looks good for both buyers and sellers!

May 2013 Market Report

I’m excited to deliver amazing news on this continuous upswing in increased stability and strong activity! With 987 closed single-family, detached and condo/townhouse homes, this puts us at an increase of over 22% from May of 2012, and even a 24% increase from April of this year! With over 1,370 home and condo pending sales, meaning they accepted contracts, we are at an increase of 400 more pending sales from June of 2012! These statistics show that my predictions for a strong year are holding true, and we continue to see increased activity.

What price points and areas are selling the best?

75% of homes have sold under $250,000 in the Greater Albuquerque Areas, with 12% each in the sweet spots of $140 - $160,000 and $200-$250,000 ranges. These statistics are showing us an increase in the Westside and Northeast Heights that have performed the best in the sweet spots, with pockets of Rio Rancho in close second. Outlying areas, such as Los Lunas, Placitas, and the East Mountains, continually move slower than we’d all like to see; however, this market creates opportunities for buyers in those areas!

What is your take on the overall market?

The hot summer season is the time to buy, and those serious buyers are out there! The market’s overall absorption rate for May was 22%, with some areas, such as Paradise East & West, Northeast Heights, Downtown, and Four Hills at an invigorating 22-38%! For the upper-end market, 37 homes sold last month over $500,000, with 493 available. This gives us an 8% absorption in the upper end inventory, which is still slow-moving, but creates opportunities for buyers in the upper end. It is exciting to be able to offer market reports that are positive! The market looks good for both buyers and sellers. It really is time to call me today and start packing!

As always, who do you know that needs to buy or sell real estate today? Thanks!!

June 2013 Market Report

I’ll let the GAAR report for June’s statistics speak for themselves. Numbers are climbing ever higher, and it’s exciting to report! With 4,954 homes for sale in the Greater Albuquerque Area, this is the highest number of homes for sale since October 2011. Conversely, 953 homes sold last month, putting us at an increase of over 25% of sales from June of 2012. Also, June marked the fourth consecutive month with new pending sales, meaning they accepted contracts, exceeding 1,000. These will show as closed in the next 30-60 days, so the consistent increase in market stability will hold strong, and hopefully continue to grow before the end of the summer season.

What price points and areas are selling the best?

The consistent sweet spots are the Westside and Northeast Heights. Month after month, I am reporting 75-80% are below $250,000.  Some good news is that there are over 500 homes available priced in the upper end market, over $500,000. With 41 closed sales last month, that reflects 8 out of every 100 upper end homes sold. There remains an oversupply in this market; however, that price point is improving. The Westside and Northeast Heights performed the best below the $250,000 range. Outlying areas, such as Los Lunas, Placitas, and the East Mountains, continue to move slower than I’d like to see; however, this creates opportunities for buyers in those areas!

What are your thoughts on the overall market?

I predict that we will continue to see strong activity throughout the hot summer season with a seasonal slowdown in the fall. The market’s overall absorption rate for June was 22%, with some areas, such as Paradise East & West, Northeast Heights, and Four Hills ranging between 20% & 30%. Interestingly, the slowest areas were Corrales, Placitas, and the East Mountains varying between 6% & 7%. Translated into English, that is 6 out of every 100 homes available selling in the slower market areas, and the overall market is at 20 homes sold for every 100 available. Today’s market activity confirms it’s a great time to buy or sell!

As always, who do you know that needs to buy or sell real estate today? Thanks!!

January 2014 Market Report

Live with our Residential Real Estate Expert Cheryl Marlow, at Keller Williams Realty!

I’m excited to report that single-family detached home sales for December this year saw an almost 8% increase from December of 2012! There were 713 homes and condos closed last month, putting as at an average of 23 homes sold per day. Available inventory has increased from last year with over 4,900 homes and condos on the market. I’m keeping a close eye on supply and demand, as this ultimately drives values of properties up or down!

What price points are selling the best?

Sales of single-family detached homes and condos have increased slowly but steadily over the past few years, which are positive indicators of our market stabilizing. The Greater Albuquerque areas consistently perform well in the affordable ranges below $250,000, with 74% of sales, with a full 15% in the $200-$250,000 range. The upper-end has been performing slowly but steadily better over the past few years, as well. Looking at the stats over the past couple of years, the upper-end only had 17 sales in December of 2011, and in December of 2013 there were 26 homes sold from $500,000 and up, representing 4% of sales. These figures overall indicate market stabilization under $250,000, and market improvement from $250-$500,000 with 22% of sales. With over 400 homes available priced at $500,000 and above, supply and demand are still out of balance in the higher price ranges.

Can you tell us about the areas that are performing the best?

Consistently the strongest number of sales are in the affordable price ranges always remains, and performed fantastically in the Northeast Heights, close-in west side, and a small section of southern Rio Rancho. The outlying areas, such as the East Mountains, are experiencing the same predicament as the upper-end. With an oversupply in these slower moving locations or in these higher price points, the price war and the beauty contest are still critical to keep in mind if you’re a seller. If you’re a buyer, there are still fabulous opportunities to purchase homes of terrific value with historically low interest rates.

December 2013 Market Report

Live with our Residential Real Estate Expert Cheryl Marlow, at Keller Williams Realty!

I’m excited to report that single-family detached home sales for December this year saw an almost 8% increase from December of 2012! There were 713 homes and condos closed last month, putting as at an average of 23 homes sold per day. Available inventory has increased from last year with over 4,900 homes and condos on the market. I’m keeping a close eye on supply and demand, as this ultimately drives values of properties up or down!

What price points are selling the best?

Sales of single-family detached homes and condos have increased slowly but steadily over the past few years, which are positive indicators of our market stabilizing. The Greater Albuquerque areas consistently perform well in the affordable ranges below $250,000, with 74% of sales, with a full 15% in the $200-$250,000 range. The upper-end has been performing slowly but steadily better over the past few years, as well. Looking at the stats over the past couple of years, the upper-end only had 17 sales in December of 2011, and in December of 2013 there were 26 homes sold from $500,000 and up, representing 4% of sales. These figures overall indicate market stabilization under $250,000, and market improvement from $250-$500,000 with 22% of sales. With over 400 homes available priced at $500,000 and above, supply and demand are still out of balance in the higher price ranges.

Can you tell us about the areas that are performing the best?

Consistently the strongest number of sales are in the affordable price ranges always remains, and performed fantastically in the Northeast Heights, close-in west side, and a small section of southern Rio Rancho. The outlying areas, such as the East Mountains, are experiencing the same predicament as the upper-end. With an oversupply in these slower moving locations or in these higher price points, the price war and the beauty contest are still critical to keep in mind if you’re a seller. If you’re a buyer, there are still fabulous opportunities to purchase homes of terrific value with historically low interest rates.

October 2013 Market Report

The Greater Albuquerque Association of Realtors released their monthly market report October, and I’d love to share these statistics with you and our listeners! We’re starting to see the seasonal adjustments in the figures with only 789 closed for last month, as opposed to the summer figures of around 1,000 properties sold monthly. Still, with 789 closed last month, that puts us at an average of 25 homes sold per day!

What price points and areas are selling the best?

Sales last month of single-family detached homes and condos rose just over 7% from 2012, and have increased slowly but steadily over the past few years, which are positive indicators of our market’s stabilization in strength and continued growth. The Greater Albuquerque areas consistently perform well in the affordable ranges below $250,000, with 79% of sales. The upper-end has been performing slowly but steadily better over the past few years, as well. There were 32 homes sold from $500,000 and up, which is still not terrific, however is an increase from 22 in 2011. As for areas, our market’s consistency creates predictability: the desirable Northeast Heights and Westside are the sweet spots, and the outlying areas remain slow.

What are your thoughts on the overall market?

Many sellers are telling me that they want to wait until after the holidays and into the spring to put or keep their home on the market. I want to reiterate that they may be making the wrong decision. While sales do tend to drop for winter, and there are fewer buyers out there, those buyers are very serious and qualified to purchase a home, and as I just reported, over 25 homes are still selling daily. With so many changes on the horizon for January 1st of 2014, this puts a time crunch on taking advantage of historically low interest rates and the ease of obtaining a loan. Dodd Frank will be impacting the financial world, and mortgages will be more difficult for homebuyers to obtain after January 1st. If any of our listeners are thinking of moving in the next 6 months, I would urge them to call me today and consider making that move in the next 6 weeks!

As always, who do you know that needs to buy or sell real estate today? Thanks!!

September 2013 Market Report

I’d like to take our listeners on an in-depth tour of the stats for September, and how these influence my real estate crystal ball. We’re starting to see the seasonal adjustments in the figures from September to August with closed homes down 10%; however, there remains tremendous and positive activity! An average of 28 single-family detached homes and attached townhouses and condos closed per day, with a total of 842. 

You mentioned an increase in homes available recently, how is supply and demand looking?

I’m monitoring this closely as supply and demand ultimately influences of property values. The new inventory of available homes on the market every month is exceeding the number of closed properties by 500-600 homes. If the trend of an increase in home supply continues without a correspondent increase in demand, the market imbalance may create stagnation and even downward pressure on home prices. Contrary to popular belief, sellers may actually be able to sell their home for more today than in the spring market if this trend continues.

What price points and areas are selling the best?

 Maintaining our market’s consistency, 76% of all sales were below $250,000 with the strongest activity in the Northeast Heights and close-in West Side, 20% of sales $200-$500,000, and 4% of sales were over $500,000. The upper-end market hasn’t seen the benefits of the real estate recovery that the affordable price ranges have enjoyed. The outlying areas, such as the East Mountains, are experiencing the same slow predicament as the upper-end. In these locations or in these higher price points, the price war and the beauty contest are still critical to keep in mind if you’re a seller. If you’re a buyer, there are still fabulous opportunities to purchase homes of terrific value with historically low interest rates.

As always, who do you know that needs to buy or sell real estate today? Thanks!!

August 2013 Market Report

August continued the trend of increased activity compared to the same month in 2012. However, we are starting to see the seasonal slowdown, compared to July of this year. August averaged over 31 closings per day, for a total of 941 closed homes and condos. It also marked the sixth consecutive month with over 1,000 pending sales, meaning they accepted offers, and these will show as closed in the next 30-60 days. These numbers indicate that Albuquerque continues to enjoy a real estate recovery, primarily in the affordable home sector.

What price points and areas are selling the best?

Statistically, August matched July with 74% of all sales below $250,000, 21% of sales $200-$500,000, and 5% of sales over $500,000. There remains an oversupply of inventory in the upper-end market, and due to this, the upper-end hasn’t seen the same recovery that the more affordable ranges have. The outlying areas, such as the East Mountains, are experiencing the same predicament as the upper-end. In these locations or in these higher price points, the price war and the beauty contest are still critical to keep in mind if you’re a seller. If you’re a buyer, there are still fabulous opportunities to purchase homes of terrific value with historically low interest rates.

So what do you think we’re going to see this fall?

It might surprise our listeners to know that there is still very strong sales activity in the last quarter. There were 2,139 closed October, November, and December of last year, 24 homes sold per day. I expect to see even higher sales in the last quarter of this year. Can I tell you why?

When interest rates change, the number of buyers that can afford to buy homes go down. Currently, we’re experiencing a surge of buyer activity concerned about the future of interest rates. Many sellers mistakenly take their home off the market during the last quarter, not realizing how strong the market remains. Serious sellers that remain on the market during the last quarter compete with fewer homes for these serious buyers’ interest.

As always, who do you know that needs to buy or sell real estate today? Thanks!!

July 2013 Market Report

The start of the third quarter has been strong, with sales for July a 9% increase from June and over a 30% increase from July of 2012! Also, July marked the fifth consecutive month with over 1,000 pending sales, meaning they accepted offers, and these will show as closed in the next 30-60 days. The consistent increase in market stability will hold strong, and hopefully continue to increase before we see the expected fall season slowdown.

What price points and areas are selling the best?

Typically, I report that 80% of sales are below $250,000, however, there was an increase in activity for the $250-$500,000 price point with 21% of sales, leaving 74% under $250,000. There are over 500 homes available priced in the upper end market, over $500,000. With 48 closed sales last month, that reflects 9 out of every 100 upper end homes sold. There remains an oversupply in this market; however, that price point is improving. The Westside and Northeast Heights performed the best below the $250,000 range. Outlying areas, such as Los Lunas, Placitas, and the East Mountains, continue to move slower than I’d like to see; however, this creates opportunities for buyers in those areas!

You mentioned to me that inventory is increasing, right?

Since April, we have seen a monthly increase of over 1,500 new listings available, resulting in an inventory of almost 5,000 homes and condos available as of today. That is important to note, as supply and demand drive values. The sales numbers are impressive; however, with more competition, accurate pricing remains critical to a successful sale. Our market is stabilizing, but we are still in what I refer to as a “price war and beauty contest.” Remember, fair market value has nothing to do with what your home appraised for previously, what you or I want for your home, what you put into it, or what your neighbor sold their house for two years ago.  Fair market value is what a buyer in today’s market is willing to pay for your home based upon other homes available. I can help sellers determine how to obtain top dollar for their home in today’s market!