What the May Numbers Tell Us About Our Market

What do the first quarter numbers tell about our real estate market? I’ll go over that for you today.

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What’s happening in our market now that the first quarter has come to a close?  

If you look at the chart showing closed sales for single-family homes over a 10-year period in the video above, you can see that in 2007 through 2009 there was a huge shift in the market. We had a little bump up when we had the tax credit in 2010 and we’ve had a steady incline since then.

The other chart is the pending sales. Pending sales for April were at an all-time high. Days on market has dropped down to about 50 days on average. Tighter supply and more demand are causing homes to sell a lot faster.

The average sales price has been steadily increasing since 2012. The average price per square foot has also been rising pretty steadily. Last year we had a 4.8% market appreciation and this year seems to be on track for the same trend. Higher price ranges are not seeing as much appreciation, especially when you get into the high-end luxury homes.

It’s a great time to be a buyer or a seller.

The next chart shows the number of bank-owned homes that are being resold. At the peak, there were about 30% of these types of homes, which is currently down to 10.8% for April.

This is just a quick overview of some average numbers in our market. We would be more than happy to go through the numbers for your specific area or neighborhood with you in more detail. The market is hot, but it’s not hot for all neighborhoods or price ranges.

To find out what’s going on in your area, or if you have any questions, please feel free to give us a call or send us an email. We’re always happy to help.

What Does the Market Look Like Right Now?

The latest numbers are in for Rio Rancho. Here’s what they say about our market.

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Today we’re going to take a quick look at the Albuquerque real estate market, specifically the Rio Rancho area. We’ve got some interesting trends and important statistics to share, so let’s start with vacant land sales.

As you can see in the graph above, they have been relatively slow. Back in 2006, we were really busy with more than 700 sales, but it’s been pretty flat over the last few years. I don’t see that changing, unfortunately. There are a lot of lots for sale in Rio Rancho right now and frankly, there isn’t much demand for them.

Now let’s jump into homes sales. We had 2,165 single-family home sales in December. That’s the most we’ve had in a long time, going all the way back to 2007.

Another thing I wanted to discuss is the month’s supply of inventory. It’s a figure that measures how many homes are on the market and how many are selling each month. We had just a 2.6-month supply in December, and that dropped to 2.4 months in January. That’s the lowest level we’ve seen since 2006.

We haven’t seen these numbers in 10 years.

The average price per square foot also gives us a good idea of where prices are going. As you can see, it was flat for quite a few years, but we have some positive movement now. In fact, we are up 7% over the last year alone. In the Albuquerque market overall, it looks like we are going to end up somewhere around 4% appreciation for 2016. That's a healthy, sustainable level.

This is just a quick snapshot of the market. If you have any questions about your specific area or neighborhood, I have plenty of information I can dig through to get you the latest numbers in your neck of the woods to help you make better decisions in the market. If you have any questions, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.

ABQ Year End Market Update

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.

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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.