Today we've got a market update with some of the most important stats from the ABQ market this year. Inventory is at its lowest in nearly a decade in our market.
Today we've got a market update regarding some of the most important numbers in Albuquerque real estate that we think you should know.
To start, we're looking at the home price index. This year, we can see that our market has appreciated 4.5% through three quarters. For a real-time look, we consult the number of homes available, which gives us an idea of supply versus demand. As you can see in the video above, we're at 3.8 months of supply of inventory, which marks the lowest number since 2006.
We can look at pending sales on a monthly basis and see that in November, there was a 23% gain in the number of homes that went under contract when compared to last November. Additionally, closed sales were up 20% in November. We had a run up back in 2006, but it dropped down in the years following. However, we've been on a nice and steady incline since around 2011.
Inventory is at its lowest since 2006.
The average price per square foot is a good indicator of pricing over time. It's similar to the home price index when we track the numbers. Like the index, we had a big run up from 2004 to 2007 and peaked somewhere in 2007. We then had the decline, but since 2011, we've been on a steady increase. It's better than the big jump up that we had before 2007.
This is good because real estate is one of the biggest economic drivers in Albuquerque.
If you're interested in any real estate market data, we've got all sorts of data sorted in any way you can think of. If you want information on any specific area or you have any other questions about real estate in the Albuquerque area, give us a call or send us an email. We'd be happy to help.
