The latest real estate statistics (for March) have just been released by The Greater Albuquerque Association of REALTORS® (GAAR), emphasizing the fantastic start to the year in our area for home sellers.
As we move into mid-April, pending sales are currently at a 14 year high! - a big 22.7% year-on-year increase compared with March 2016.
There were 8.7% more detached homes sold in March than a year ago, impressive when one considers that there was plenty of momentum in the market at that time as well.
Right now, sellers can expect a detached home to be on the market for an average of just 54 days, an impressive 16.7% improvement over a year ago. Townhomes and condos are selling even quicker, improving by a substantial 32.8% on last March to an average of just 43 days!
And with demand and buyer enthusiasm at almost fever pitch, detached homes are receiving an average of 97.7% of the list price!
Detached median home price showed a 4.2% growth compared with the same period 12 months ago. Average detached sales price also rose, by 3.2%.
We usually report a drop in inventory of available homes each month, but there was a very slight year-on-year 0.1% supply improvement in March. In terms of detached homes, this actually equates to one more home available in the area compared with a year ago...
Given that demand is steadily increasing, even the very modest upward blip in inventory this month has to be seen as representing further difficulties in the supply chain, given that, as we mentioned earlier, both sales and pending sales are stronger than a year ago.
To quote GAAR president Don Martindell: "Homes that are priced right are selling fast in popular locations."
So as we move into spring, there's an exceptionally compelling confluence of circumstances that favor sellers. Indeed the GAAR president has referred to it being a "seller's market".
Clearly, with such demand pressure, anyone listing a well maintained and specified home that's priced correctly can expect a good deal of immediate interest. Indeed, in its March press statement, the GAAR suggests that the current shortages are leading to buyers acting fast, contributing to the record figures we mentioned earlier!
With a buoyant economy and jobs market, plus the recent falls in mortgage rates, has there ever been a better time to sell a home in the Albuquerque area? Why not contact us today for an informal discussion of how we can help you to maximize this incredible opportunity.