Just published August statistics from the Greater Albuquerque Association of Realtors point to building momentum in our local market and further superb opportunities for sellers.
There is good news aplenty in these stats, but the headlines belong to a 4.68% year on year increase in average sale price for detached homes and a dramatic 16.92% fall in the average number of days this type of home is on the market for, before it sells, to just 54 days.
August also saw a 15.33% rise in the number of closed sales, compared with the same period in 2014. Sales volume also rose steeply by almost 21%, while pending listings continued the positive trend we have been tracking in recent months, with a 26.84% increase on last August.
Despite this tidal wave of welcome numbers, it's surprising to note that inventory of available homes for sale continues to be a major issue. Current active listings demonstrated a 21.26% year on year drop and, more than reversing the very slight upswing we observed in July, new listings are again heading South with a -6.89% fall.
With such a clear growing demand for homes in the area, price rises and rapidly diminishing supply, sellers have a fantastic chance to fill the void as we head into the fall. Buyer sentiment continues to remain incredibly robust, so the opportunities to sell at or above list price and attract multiple offers are the best they have been for some considerable time.
Remember too that as we head towards year end, active buyers are generally very serious in their intentions and it would be a mistake to automatically assume that the same levels of willingness to buy will be in place next Spring, as mortgage rates may have risen by then and a number of other variables, such as the health of the economy, could have an effect on the market.
As ever, we cannot be certain what the future holds, but it must be said that the cocktail of circumstances positively impacting on the Albuquerque area real estate market at present is a heady one and a golden moment that should be seized by sellers.
Why not contact us today to establish your best selling strategy in the current extremely favorable conditions.