What a great summer it has been for home sellers in the Albuquerque area and the good news just keeps on coming.
The latest statistics revealed by the Greater Albuquerque Association of Realtors (GAAR) are showing a 23.09% jump in closed home sales, in comparison to July last year. Given that this is almost exactly the same level of annual growth that we saw last month, these figures are suggesting significant and sustained improvement in our market. It's also worth noting that local sales growth is running much at more than double the current national rate of 10%.
We've recently looked at the return of first time buyers to the market this year and also the beginnings of a comeback for previously troubled boomerang buyers and both these very welcome trends are doubtless reflected in these latest stats.
The average number of days a home is on the market in our area now stands at 59 for a detached property and 67 for an attached residence. Together, this represents a 1.67% drop on the same period in 2014 - not as dramatic as the 6.67% drop we saw in June, but there will always be levelling off points and the figures have been falling for some time now.
Low inventory of available homes in the Albuquerque area continues to be arguably the most significant motivation for sellers to list their homes and take advantage of the growing number of closed sales.
Reduced competition for a growing pool of qualified and motivated buyers - it's hard to paint a more attractive picture for the would-be home seller.
The July GAAR figures demonstrate a 18.12% year on year reduction in overall inventory levels, compared with June's fall of 17.18%, suggesting that home supply is coming under more pressure. Although new listings reversed the recent trend and showed a small 1.63% increase on July 2014, in real terms there were 22 fewer detached homes than at the end of June, although there was a small improvement (19 homes) in the attached sector.
The message these latest statistics convey loudly and clearly is that buyer sentiment is continuing to remain extremely high, while overall choice is eroding. If you've been on the fence about listing this year, we trust you find this a convincing argument for taking the plunge. Call us today for an informal discussion related to your individual needs and circumstances.