Every month, we devote a whole blog to the latest monthly real estate statistics published by the Greater Albuquerque Association of Realtors (click here for the most recent post).
Today we'd like to take a somewhat wider angle view by looking at the findings of the GAAR's recent review of the 4th Quarter of 2015. This has the benefit of smoothing out some of the peaks and troughs of the monthly reports, so we can see key sustaining trends more vividly.
There were two distinct highlights of the figures. Detached home sales rose by 12.72% in comparison with Q4 of 2014, while the median sale price rose by 2.86%, compared with the same period. A very creditable performance and justification of what we've been saying for some time about right now being such a great time for sellers.
Very much in line with the increase in detached sales, sales volume almost exactly matched that fine performance with a 12.75% year on year increase.
This set of figures doesn't go into the same microscopic level of detail on inventory of available homes as the monthly figures, but it was very interesting to note that new listings hardly changed at all since the Q4 of 2014, showing a tiny 0.29% drop in that period. This again highlights and partially explains the continuing issues that we're seeing with inventory in the area, as demand is steadily increasing but there has been no overall increase in the number of homes arriving on the market as more properties get sold, with the resulting lower levels of availability across price levels.
Another stat that indicates how the area is accelerating is the average number of days a home is on the market. There was an 11.76% year on year fall over those last three months, with an average of just 60 days.
Our main conclusion from the report is that the logic to list right now is simply overwhelming. We're enjoying a great start to the year, with no let up in the enthusiasm of buyers. Indeed, as a result of increased investor interest in bonds due to the ongoing stock market problems, mortgage rates have been in retreat all month, posting another fall this week.
Why wait until something happens to alter this perfect storm, where there is fabulous demand and much less competition from other sellers. Call us today to get things started.