The Greater Albuquerque Association of Realtors (GAAR) has just published real estate market statistics for February and they provide very encouraging reading for those either currently selling or contemplating selling a home.
- Building on the momentum seen in the January figures, pending sales are 16.4% up on the same period last year.
- Closed sales for Albuquerque itself are up by 8.62% on last February.
- The average number of days a home is on the market before being sold has dropped by 12.05%.
These figures prove that, enthused by a fast improving economy, low home loan interest rates and other mortgage incentives, buyers are on the move, and in significantly increasing numbers.
Given that sales figures are rising steadily, it is perhaps not surprising that the inventory of available homes in the area has fallen again this month and by 6.62% compared with February 2014. Reduced home supply at a time of increasing demand means that there is less competition for sellers across the board, so it makes an awful lot of sense to take advantage of the situation.
The current positive sales experience in our area mirrors the findings of the February 2015 National Housing Survey. The survey found that continued strengthening in employment was fuelling consumer optimism toward the economy and appears to be contributing to further improvement in overall house buying sentiment.
With the winter now behind us and the real estate market set to really get into top gear, these latest statistics demonstrate that we are experiencing the best selling environment seen in the Albuquerque area in recent times and should certainly be motivating those would-be sellers to get off the fence and list right now. Call us today to discuss how Everest Peak Realty can help you to maximize the great current opportunities.