Once again, it's our pleasure to record that the latest real estate statistics for the Albuquerque area make simply great reading for home sellers.
The market highlight for September was another significant upswing in average sale price - 7.38% up on the same period last year for detached homes, to $226,254
In other key respects, we are seeing positive signs aplenty of encouraging growth.
Closed listings were up by over 26% on September 2014, with a huge rise in the overall sales value of those homes by a remarkable 35.33%, building on the already impressive annual growth of 20.71% for August.
Significantly, on average it is taking a whole 8 days less to sell a home than it did a year ago. Days on market for detached homes were recorded at just 57, part of a trend we've been tracking for some time now.
Looking to future sales, pending listings stood at 17.10% higher over the past year, with the number of pending detached homes in the area standing at exactly 1000.
Yet again, however, inventory of available homes for sale is still falling. This can partly be explained by the much higher numbers of home sales, but it continues to be a concerning trend.
Whereas active listings stood at 3,971 in August, they fell to 3,850 last month - a 22.14% annual drop. New listings are still showing a negative figure for year on year growth, although at least September saw -1.60%, compared with an even more concerning -6.89% in the last monthly stats.
With still falling mortgage rates unquestionably informing the sentiment of buyers, together with consequent higher demand for homes and a rapidly reducing supply, we trust that the argument for not delaying listing your home until the New Year is utterly compelling. Please call us today to get the ball rolling.