We've now had an opportunity to study the latest Albuquerque area real estate statistics, for May, just issued by The Greater Albuquerque Association of REALTORS® (GAAR).
And we're thrilled to be able to tell you that impressive momentum continues to build in our wonderful part of New Mexico. It really looks like the already hot summer homes market will truly sizzle!
Indeed there are so many highlights this month that it's difficult to know where to start!
Perhaps we should begin, however, by observing the considerable year-on-year rises in both detached pending and closed sales, up by 20.7% and 17.5% respectively!
Equally, we could also have started with the good growth that detached sellers are seeing in comparisons with May last year in terms of both median ( 5.2%) and average (4%) sales prices.
With multiple offers common in the marketplace, sometimes enabling sellers to receive more than their asking price, the percentage of list price received average for detached homes now stands at an amazingly robust 98.2%.
And it now takes an average of just 45 days until a listed home is sold. That represents a 8.2% drop in selling time over the past year!
As ever, low inventory of available homes for sale continues to inform the market, with a 19.6% year-on-year fall in the overall number of listed detached homes.
There is, however, some better news this time!
May saw a considerable leap in new detached listings with the biggest single-month figure for years, some 13.7% up on the same period in 2016.
Could it finally be that more sellers are recognizing the incredible current opportunity to sell?
We'll obviously await next month's figures with a great deal of interest to see if this is a blip or a most welcome trend.
While sellers will benefit from less competition and high demand for a shortage of properties, low inventory is not a sustainable position, but although the annual overall inventory level fell by 19.6% in May, that was still better than the 24.8% drop between April 2016 and April 2017.
There is a long way to go before we are at satisfactory inventory levels to fully cope with buyer sentiment, but these latest statistics suggest that there just may be some positive momentum now.
We will, of course, keep you fully updated as the situation develops. In the meantime please don't hesitate to contact us if you have any questions or concerns related to selling and/or buying a home.