July 2014 Market Report

In the month of July the Greater Albuquerque Association of Realtors reported 898 closed single-family, detached homes and condos, which is an increase from June’s statistic of 871. Just about 1,000 homes are experiencing pending sales, and more than 1,700 new homes came on the market.

As usual, $250,000 and below is the hot price range.  In fact, 71% of sales were below the magic $250,000 mark, $250-$500,000 range represented 23%, leaving 6% to the upper-end market with 52 homes sold. The upper-end market just hasn’t seen the strong activity that the affordable price ranges below $250,000 have enjoyed.   Again, the under $250,000 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.. but you really never know when activity will just pick up.  In fact I just took over a listing in the east mountains a couple of weeks ago that had been on the market for 6 months with another agent… this week we received  multiple offers were able to get that home sold.  

Of course, I'm keeping a close eye on supply and demand.  As I mentioned, in the month of July we saw 1,723 new homes come on the market.  That number was nearly the same in June with 1,727 new listings.  That tells me that we are still very much in a buyer’s market with lots of homes for buyers to choose from.  As we talked about a couple of weeks ago, that means sellers have to be realistic when pricing their home in order for their property to stick out to a buyer! 

June 2014 Market Report

The Greater Albuquerque Association of Realtors has released the market statistics for the month of June, and I have to tell you, we didn't see much of a change when compared to May.  The associated reported 871 closed single-family, detached homes and condos.  That is a slight decrease from May.. but when I say slight, I really do mean slight, by only 7 homes.  A little over 1,000 homes are currently pending, meaning they’re under contract, and more than 1800 homes and condos came onto the market in June.

When talking price points, in June we saw most detached home sales under the $250,000 mark making up 66% of the total sales.  The $250 to 500,000 range represented 23%, leaving just 3% to the upper-end market with 26 homes sold. 

The Northeast Heights continues to be a hot area for sales. Unfortunately the East Mountains is not seeing the same activity as it is suffering from a lack of balance in supply and demand.  As always, I keep an eye on the supply and demand.  In May, we saw 1734 new homes hit the market. 1727 were added in June.  With more than 6200 homes & condos available right now the inventory is climbing.  While we are absorbing more recent inventory… supply and demand is still off balance with pending sales still working to keep up. 

March 2014 Market Report

The Greater Albuquerque Association of Realtors reported 757 closed single-family, detached homes and condos, which is a wonderful increase from February’s statistic of 609, and puts us at almost a 3.5% increase from March 2013. A little over 1,000 homes are experiencing pending sales, meaning they accepted contracts, and approximately 1,700 new homes came on the market.

What price points and areas are selling the best?

Maintaining our market’s consistency, 79% of sales were below the magic $250 mark, $250-$500,000 range represented 17%, leaving 4% to the upper-end market with 26 homes sold. 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.

How is supply and demand looking?

 Overall, the market indicators are positive for the current spring/upcoming summer market; however, I’m keeping a close eye on supply and demand. February added almost 1,400 new homes, and March added 1,700. With almost 4,500 homes & condos available, inventory is climbing and as the stats show us, 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 of in today’s housing market.

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!!