Figures released this afternoon by the Greater Albuquerque Association of REALTORS® (GAAR) demonstrate an increasingly healthy homes market in our area.
These latest statistics, reflecting on performance in the area last month, show the growing strength in the market as we approach the halfway mark in 2016, as the peak selling period continues.
Yet again, there was a very robust year on year rise in both detached average sales price (4.69%) and median sales price (6.63%). Overall detached sales volume rose 14.05% in the 12 months leading up to the end of May.
With the news this week that mortgage rates are now nearing multi-year lows, buyers have every reason to continue the very high levels of positive sentiment we've seen all year long. So far, any uncertainties arising from the presidential election race don't seem to have had any impact on their enthusiasm thus far and May was clearly another month of "business as usual" in terms of continuing area market growth.
Closed listings for detached homes rose both month on month and year on year, with 8.97% annual growth, but perhaps the most impressive statistic of all in this latest update is the fact that a detached home is now on the market for an average of just 49 days - almost 21% lower than the same period last year and actually over a week less than the 57 day average recorded as recently as April.
Detached pending listings showed a slight drop for the first time in a long while, falling by 1.54% in comparison with May 2015. While a single month is too short a time period in which to draw any conclusions about a new trend, it's still arguable that this unexpected stat could be influenced by the long established biggest problem in the area of low inventory of available homes for sale.
Our market has seen a 15.16 % drop in active detached listings, compared with the previous May, although there might be some reason for encouragement in that there were more homes for sale at the end of May than at the conclusion of the previous month. Unfortunately however, new listing levels demonstrated a month on month fall and zero improvement on May 2015.
Once again, the undeniably low inventory levels point to a fantastic opportunity for sellers, who can currently enjoy reduced competition across the board, together with the continued willingness of buyers to upgrade or commit to a first home.
On Tuesday, we'll look back at the performance of the market in the past six months and carry out a strengths, weaknesses, opportunities and threats analysis for the second half of the year.
Meantime, however, we'd be delighted to hear from you and discuss your own selling situation in detail and how best to capitalize on the current significant opportunities. Why not contact us right now.