Following on from the Albuquerque area home market positives we reported in last Friday's blog, the latest national real estate update from Keller Williams further reinforces what a good time it is to list right now.
The number of projected home sales rose to 5.04 million, up from 4.93 million during the previous month.
Looking at existing home sales, the national median home price for existing homes increased to $209,500. That's up 1.1% in a month and a very significant 6.6% in the past year. This was the first time home prices increased month over month since June 2014.
Although we reported on Friday that median local prices have not moved very much in the past year, it's good to see that the national trend is so positive, as it indicates the general direction in which prices are headed. We are indeed seeing higher levels of interest and activity at this early stage in the year, as reflected in the growing number of pending sales we reported on Friday, so it all bodes extremely well for the weeks and months ahead.
In line with what we are seeing in this area, inventory fell nationally by 13.7% in the past year, translating to 4.4 months of supply. This can be seen as a direct reflection of the increasing pace in sales creating a tightening of numbers of available homes currently for sale.
In summary, it really is a great time to sell. Continuing low mortgage rates and recently announced programs aimed at increasing credit accessibility to first time home buyers and low-to-moderate income borrowers can only further stimulate that already high levels of buyer sentiment already in place in the Albuquerque area.
Why not call us today and discuss how best to take advantage of what looks like a perfect storm of good indicators for you to list your home as soon as possible.