The latest numbers have been published by the Greater Albuquerque Association of Realtors, and the news is all good - for home owners, that is. Home inventory continues to decline as we shift from a buyers market to a sellers market, and as a result, home prices continue to rise.
Due to the cyclical nature of real estate, this report compares sales stats year over year, not month over month. These are not the official numbers from the board of Realtors, although the information in this report does come from the Southwest MLS.
Albuquerque Home Sales
Homes sales were up a whopping 25% in September. 592 home sales have been reported so far, up from 475 in September 2014. Pending sales were also up 15%, leading to a decline of homes available by 19%.
REO sales (foreclosures) declined about 4%, moving from 13% of the market in last September to 9% this September. Short sales continued their decline, moving from about 5% of the market to 3%.
The average sales price was up 5%; the median sales price was up 4%
Rio Rancho Home Sales
Home sales were strong in Rio Rancho too, up 20%. 147 home sales have been reported so far, up from 123 closed sales this month last year. Pending sales were up an impressive 41%; available homes were down by 28%.
REO (foreclosure) sales decreased significantly moving from 29% of closed sales last year to 12% this year. Short sales, however, increased slightly from 3% of the market last year to 5% this year.
The average sales price increased 10% and the median sales price increased over 11%.
The direction of the market seems pretty clear. Increased sales and declining inventory is bound to lead to further gains in home values for homeowners. People shopping for homes will continue increasingly be challenged to find homes to buy.
As the supply demand ratio and absorption rate charts from February show, the market is challenging for home buyers right now, with few homes to choose from, especially in the lower price ranges and more popular areas.
by Albuquerque Realtor Rich Cederberg, eXp Realty (505) 803-5012. These are preliminary stats based on the MLS sales that have been reported so far, as of October 19th, 2014. A small handful of lingering sales may be reported.
Special note: the numbers reported in the news media are usually for the metro area as a whole. My monthly reports break down the sales by city. Indeed, the Albuquerque and Rio Rancho real estate markets frequently behave differently.
These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 10/19/2015. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.