Regular readers of our Romero Team blogs will already know that, as well as reflecting on the monthly housing market reports published by The Greater Albuquerque Association of REALTORS® (GAAR), we also like to take a look at the quarterly figures issued by GAAR, in order to observe more sustained trends in the Albuquerque area, smoothing out the variables of month-to-month reporting.
The GAAR issued its first quarter of 2017 report at the end of last week and there were significant year-on-year improvements across most key categories.
Detached home sales volume in January, February and March saw 10.12% annual growth and there was a very similar 10.77% reduction in the average number of days on the market until a detached property is sold, to less than two months (58 days).
It was therefore no surprise to see that the area enjoyed a 6.64% rise in the number of detached closed sales during the first quarter, compared with the same period in 2016.
Median sales price for a detached home showed a year-on-year improvement of 4.47%, while average sales price for the same type of property increased by 3.27% over the same period.
It was much the same story for townhome and condos, with a 4.31% increase in sales and an average sales price rise of 6.11%. Sales volume rose by 10.76% compared with the previous first quarter.
Inventory of available homes for sale in this part of New Mexico has, of course, been a key focus in the market for some time, with supply consistently struggling to keep pace with high demand. There were mixed fortunes on this respect during the first three months of 2017.
New listings of detached homes fell by 1.41%, in a year-on-year comprison, while townhomes and condos actually showed a significant 10.33% increase on a year ago. To put the 10.33% rise in context, however, townhomes and condos only accounted for about 10% of the total number of newly listed detached homes in Q1 of 2016 and 2017...
We thus find ourselves in a very healthy seller's market as we move out of April and it will be interesting to see what effect lower home loan interest during the past month or so has on both this month's and the next quarterly stats.
For now there's a clear opportunity for sellers to enter a market where demand is high and supply is still struggling to cope with the great buyer sentiment reflected in these figures.
Why not contact The Romero Team today for the very best advice in taking full advantage of the situation.