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.

November 2013 Market Report

I’m excited to report that single-family detached home sales for November this year saw a 2.5% increase from November of 2012! There were 617 homes and condos closed last month, putting as at an average of 20 homes sold per day. Available inventory has increased 10% from last year with almost 5,000 homes on the market. I’m keeping a close eye on supply and demand, as this ultimately drives values of properties.

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 78% of sales. The upper-end has been performing slowly but steadily better over the past few years, as well. There were 26 homes sold from $500,000 and up, representing only 4% of sales. 18% of the homes sold were in the $250-$500,000 price range. These figures indicate market stabilization under $250,000, and market improvement from $250-$500,000. Supply and demand are still out of balance in the higher price ranges.

What are your thoughts on the 2014 market?

My real estate crystal ball remains cautiously optimistic for 2014. We will continue to be in a price war and a beauty contest with realistically priced homes selling well. We will likely see a slowdown in January as new regulations take effect. The market should settle into a normal February-March cycle. Inventory will increase dramatically in the first and second quarters, which may create pressure on pricing.

Overall, 2014 should see a higher number of sales than 2013 as we continue to stabilize. I’m optimistic that we may even experience home value appreciation.

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!!