The latest area real estate latest statistics once again demonstrate how lively our market still is as we head ever closer to year end.
Figures for November, just published by the Greater Albuquerque Association of Realtors (GAAR), show an 8.49% increase in detached home sales, compared with the same period in 2014. This extremely encouraging stat continues to build on the double digit year on year increase we saw in October.
Median sales price growth saw a 2.86% rise over last November, with sales volume holding up really well so late in the annual cycle, with a 7.36% increase compared with a year ago.
We would expect days on market to extend a little as the holidays approach, but on a year on year basis it took 62 days on average to sell a home, a whole five days less than last November and only three days less than it took in October.
Pending sales also appear very robust, showing a 7.59% annual increase, while the shortage of homes in the area continues with a 19.51% year on year drop in active listings and a quite noticeable fall off in total inventory since October (3486 compared with 3,763).
Although new listings were up 5.20% on 12 months ago, there is still a significant downward trend, if we consider that there were only 1031 new detached listings compared with 1323 in the previous month.
The bottom line for sellers is that these stats reinforce all we have been saying recently about keeping property listed during the holiday period. There's less competition and growing demand at the moment and it really is too good an opportunity to overlook.
Call us today to discuss making the most of these very positive market conditions.