It's a question we've asked a few times in 2017 - just how much better can our local real estate market get?
This year hasn't seen a let up in performance for the entire 12 months. The higher mortgage rates of early 2017 did nothing to deter buyers and every month we've had have the distinct pleasure of being able to report that the market is in such great health.
In fact conditions are so good that we've once more seen consistently strong sales right through to the end of the year. The traditional high season, while it still exists, is no longer so concentrated and we're seeing gradually more robust activity at literally every stage of the 12 month cycle.
While real estate is doing well almost everywhere in America, it's undeniable that we have our own specific set of dynamics here, especially related to the ever-growing IT industry presence in the area, which is creating more demand for homes and seeing the welcome arrival of very well qualified buyers to our corner of New Mexico.
Indeed, the Albuquerque area's growing reputation as a great place to live is very much informing the high demand for homes here, with the result that supply continues to be outstripped by very strong demand.
We'll look in more detail at low inventory levels in the next part of our annual review, but we do need to mention it in relation to today's blog theme, as it has been an important factor in the very steady rises in both median and average home prices that we've witnessed in 2017.
And we really can't omit to talk about mortgage rates. They've supposedly been ready to rise steadily for years, and indeed we've seen the odd increase, always followed by a drop, but they are still being kept in check due to a number of factors and it's been so attractive for people to take advantage of the situation while they still can, particularly as no one can be sure how long it will last.
Going into 2018, there doesn't appear to be any clear sign of a turnaround in the current good fortunes. Should the tax bill become law, it will be interesting to see what effect that has, plus what might happen due to the expected further Fed interest rate increases.
But if 2017 has proven one thing, it's that home buyers aren't easily put off purchasing and there's an incredibly strong appetite for finding a place of one's own for the first time, as well as upgrading and downsizing.
Time will tell if what we have now is as good as it gets. Recent statistics suggest, however, that all things remaining equal, we're in for many more exciting months.
If you're currently assessing your best options for buying and/or selling in 2018, why not contact us today and let us apply our experience in helping you make the best decisions in your own circumstances.