The latest statistics released this afternoon by the Greater Albuquerque Association of Realtors (GAAR) provide a powerful demonstration of the steady home price growth we are seeing in our local homes market.
The Association points out that the median detached home price in April 2013 was $168,000 and this rose to $185,000 last month. This also represents a 4.64% year on year increase. Average sales price also showed a 3.47% improvement over the past 12 months.
The April figures once again paint a very rosy general picture of current market conditions.
Detached pending listings rose by 2.63% on April 2015 and last month also saw impressive 10.19% annual growth in the number of closed listings. Sales volume showed a year on year rise of 13.97%.
As we saw in March, the average number of days a detached home is on the market before it sells has continued to fall quite dramatically, if we compare the stats with the same time last year. April saw a 18.57% fall over this period. This actually sounds even more impressive when you consider that the average number of days was 70 in April 2015 and now stands at just 57 days.
While these are all great indicators of market health, it is perhaps slightly disappointing to observe a reversal of recent trends with the number of new listings falling by an admittedly slender 1.61% from April to April. We had been noticing small increases in homes coming onto the market in previous reports, but for now it seems that progress has stalled, even though were actually a few more detached homes available in April than in the previous month.
The number of active listings is still an area of concern, with a higher percentage fall in total inventory than in March (17.15%). Again, however, there were more homes available in the April than during the previous month. Nonetheless we are still seeing a fall in inventory in a year on year comparison. To make this clearer, there were 677 fewer detached homes on the market last month than in April 2015.
While buyers will not welcome less choice, would-be sellers should be paying great attention to diminishing inventory, as this will help to raise prices yet further and attract multiple offers in many cases, as the sentiment of qualified buyers will remain robust as long as they are able to lock in a very low mortgage rate.
Last Friday, our blog argued the case for seizing the opportunities in today's seller's market. We trust that these very latest statistics reinforce the case for doing so immediately.
Why not contact us today and make sure you don't miss out.