The latest real estate statistics, just released by the Greater Albuquerque Association Of Realtors, amply demonstrate the continued very strong performance of our local market this winter.
The stats show that, in December, detached home sales were up by almost a quarter (23.02%) on the same period in 2014 and, equally impressively, not far off figures posted in October. This is a powerful illustration of the forward progress in the area, especially considering that it is a market snapshot at taken in and around the traditionally slower holiday season.
Another significant figure is that the average number of days on the market was 61 days - 14.08% down on the previous year but, very interestingly, actually one day less than the average for November.
Sales volume made a big leap, up 28.67% on December 2014, while the median sale price was hardly changed at all (-0.85%), perhaps indicating that, despite higher demand, homes still need to price competitively to be affordable to match the mortgages buyers can qualify for in each price sector. What that figure also indicates is what a stunning time it is to buy right now, while the cost of borrowing is still near to historic lows.
As we predicted, the area's inventory problems were not eased at all last month, with the number of available homes for sale declining by 19.27% compared with a year ago. Even the number of new listings was just over 2% down on the previous December. If we look back at the final quarter of 2015, we can see that the number of active listings is falling by somewhere near 19 and 20% each month, compared with the same periods in 2014. The only glimmer of hope in this respect was a 4.65% annual rise in pending listings, although this statistic must be tempered by the fact that the final month of the year is, for obvious reasons, generally down on the pending numbers posted in November, so it might not be the best of months to spot a trend that is likely to stick as 2016 gets under way in earnest. Whatever happens, we are currently in a most advantageous selling window, with robust buyer sentiment.
There really is nothing in these statistics that changes our assertion, reinforced in last Friday's blog, that right now is simply a great time to sell or buy property. These latest figures attest that, all factors considered, we're still in a win-win situation for both buyers and sellers. It really doesn't get any better than that!
Don't waste another second. Call us today and get your New Year real estate plans in motion.