Following such an impressive set of end of year statistics for the Albuquerque area, we were eagerly anticipating the latest figures for January, which have been published this afternoon by the Greater Albuquerque Association of REALTORS® (GAAR).
The great news is that the success story continues apace!
GAAR observes that this is the ninth year in a row that January home sales have increased.
The median detached price rose year-on-year by an impressive 7.2% to $185,000. Average price increased by 3.1% over the same period to $218,448.
The number of days it takes to sell a home in January fell by 6.1% compared with the same month last year to just 62 days in what is traditionally a slower time of the year for sale (although demonstrably not the case in 2017).
Low inventory of available homes for sale has been a problem affecting the area for some considerable time now. While there was no respite, thanks to a 20.3% drop in the number of detached homes for sale last month, compared with a year ago, there was at least a glimmer of hope, in that new listings rose by 4.9% over January 2016 and condos, townhomes and other attached homes improved by 3% over the same period.
GAAR notes, however, that this very welcome trend is chiefly a rise in the number of sellers that we usually see as a new calendar year dawns. Matters also weren't helped due to yet more good news for sellers, with 662 detached homes sold in January, a 5.6% increase over the first month of 2016. Detached pending sales were up by 16.8% year-on-year too. We currently have the highest level of detached pending sales in our local market since last August!
In effect, the small gains in new listings were swamped by the number of homes going off the market, due to sales last month or pending ones.
In its press release today, the GAAR comments: "The continued decline in the number of homes available for sale may be an obstacle for some potential buyers who simply cannot compete for homes selling at higher price points in a low number of days, requiring them to act fast in decision making."
So the message for buyers is act quickly and, really, it's the same advice for sellers too. Right now there are shortages of homes across the board, meaning that if you list now you will enjoy greatly reduced competition and better asking price resilience (on average Albuquerque area home sellers are currently receiving 97.1% of their asking price).
Why not contact us today and, whether you're a seller or a buyer, we'll expertly guide you to the best possible results in the current hot market.