October housing market statistics just released by the Greater Albuquerque Association of Realtors reveal incredibly robust selling activity so deep into the year.
Perhaps the key highlight is the sale of 835 detached homes last month, up by 10.16% on the same period last year. Median sales price also showed very healthy growth of 5.71% on October 2014.
October traditionally heralds a slowing down of the market, but we are not really seeing much of an exodus at all in 2015. Pending listings, 15.28% up on last year, aren't significantly lower than September's impressive pending home sales figures of 1000 detached (958 in October) and 104 attached (103 in October).
Another interesting perspective comes from looking at September 2014's figure of 703 detached closed listings, which is actually significantly down on the aforementioned October performance level of 835! Sales volume was also up by 11.83%, compared with 12 months ago.
In October homes took an average of 59 days to sell, comparing extremely favorably with September's figure of 57 - a minute difference, considering normal market trends at this time of year.
Predictably, inventory of available homes for sale continues to be an issue in the area, however, with a 20% year on year decline in active listings and new listings showing a drop of 3.29% in the same time frame. Although our strong advice is to list right now, it is probably unrealistic to expect a major percentage upswing in inventory before the spring.
With such an amazingly lively market, sellers who list now stand to do very well, especially as inventory continues to move south, reducing competition and aiding the robustness of asking prices through high demand and low supply.
Buyers are still acutely aware that waiting to move house until the new year carries huge risks, especially with the growing speculation of an interest rate rise in December, although we have, of course, seen that prediction fail to materialize quite a few times in the past couple of years, most recently in September, when almost every commentator had been expecting an increase for some months. The volatility of economic and international influences ensures that a rate hike decision by The Federal Reserve is far from certain.
Hopefully these stats will help to convince you that listing right now is very much the logical thing to do. Call us today to get the ball rolling.