The latest set of real estate market stats, just issued by the Greater Albuquerque Association of REALTORS® (GAAR), show exciting home price growth in September.
Compared with the same period last year, the median detached price rose 18.4 percent to $195,000, while the the average detached price grew by 2.7 percent to $227,898, building on good price growth throughout the late summer period.
Detached homes are now selling almost 17% quicker than in September 2015, with an average of just 49 days on the market. Days on market until sale figures are in fact at multi-year lows, with September seeing slightly quicker sales than the more traditionally peak month of August! Percentage of list price received also rose on the previous month's result.
A total of 969 detached homes sold in September, representing an annual increease of 4.5%. Total closed sales for year to date were up by 8.7%.
Pending sales also showed tremendous promise, looking ahead to this month, with a 15.7% increase in comparison with last September.
However, the market continues to be informed by the continued fall in inventory of available homes for sale in the area.
Even though new listings were up by 6.5%, using an annual comparison, the overall direction is still downward, with inventory levels 14.3% down on a year ago and in quite steep overall decline, if we look at late summer trends.
Such a contrast between demand and supply can only continue to favor sellers as we head into what, on this evidence alone, promises to be another vibrant market as we move towards end of year. Considering that some current sellers will ignore good advice and temporarily withdraw from listing as the holidays get nearer, it's very clear that there is a tremendous opportunity.
Of course there remains the question as to why more sellers aren't seizing the moment, but we get a clue to this in GAAR's narrative accompanying the September figures, in which the point is made that the current low mortgage interest rates that are stimulating much of the current buyer demand are also making refinance of current homes more attractive, further contributing to the low inventory levels.
With so many compelling arguments to list your home, why not give us a call today to discuss the most effective strategies to market your home right now.