In addition to our monthly analysis of local real estate statistics generated by the Greater Albuquerque Association of Realtors (GAAR), we have now also started to look more closely at their quarterly analysis, in order to spot sustained trends by using a slightly wider lens, as it were.
GAAR has just published results for the first quarter of 2016 and it makes for interesting reading.
It’s great to report that there is positive news right across the six key stats in the report.
While it is wonderful to note a 5.69% increase in the average sale price ($216,222) of detached homes over the same quarter in 2016, without question the standout headline on this occasion is a 2.69% increase in the number of new detached listings.
In our monthly reviews of GAAR stats, we have been noting better news for inventory of available homes and it is good to see this being reflected in the wider perspective of quarterly performance.
In fact this is the first quarter to show positive growth in new listings since the third quarter of 2014, so it is a pretty notable milestone.
2.69% is admittedly not a huge overall increase, but it does become somewhat more significant when one factors in the 9.90% year on year increase in detached closed sales in Quarter 1. For the first time in a long time, there are encouraging signs that supply is holding its head above water a little better, in comparison with growing demand. The next few months of stats are going to tell us a lot more, so watch this space!
The growth in the area is also well exemplified when we look at the average number of days a detached home is on the market before selling. The first quarter figures demonstrate a 14.47% drop compared to the same period last year. Whereas it took 76 days on average to sell a detached home in January February and March of 2015, this year it took just 65!
Median sales showed a healthy increase of 4.65% (detached), while overall sales volume grew by 16.14% in the detached sector, to $465.5million.
So what can we take from these stats?
Once again they demonstrate that the current market conditions are a win-win for buyers and sellers alike. As we’ve said so many times, there are no guarantees when this perfect storm will end, so waste no time and contact us today to capitalize on the fantastic opportunities of the moment.