January statistics published by the Greater Albuquerque Association of Realtors (GAAR) contain some useful indicators of how the local homes market is likely to shape up this year.
Pending sales are a particular highlight and almost precisely match the figures seen in August and September of last year - the tail of the peak selling season before the inevitable tapering to year end. It's also very interesting to note that they are up 11.8% on the same period last year.
The overall inventory of available homes is 3.68% down on January 2014, although figures for new listings in January are significantly up on November and December, indicating that sellers are wasting no time in getting their homes on the market in what looks like an incredibly good environment for positive buyer sentiment, with mortgage rates remaining very low and new incentives like low down payment home loans for qualifying buyers.
Average and median prices stayed quite flat, with hardly any variance on a year ago. This should be acting as an even further incentive to buyers who will have more confidence in buying if prices are relatively static.
Another positive is that the average number of days a detached home is on the market before sale has dropped by 6.58% - a sure sign that buyers are on the move.
The underlying message is that with more pending sales and inventory still falling, this is a great time to be listing as homes are selling and competition with other sellers is reducing. It has been a relatively mild winter and that will always tend to encourage buyers to start their new year home search sooner rather than later.
Call us today to discuss how best to take advantage of this very positive news, relevant to your own situation.
Click here to download a summary sheet of the Janauary GAAR statistics.
Click here to download a full report of the January GAAR statistics.