Monday, July 11, 2016

Average Sale Period Drops to 45 Days

The circle is virtuous in the world residential real estate in metro Albuquerque, according to the June Market Report released today by the Greater Albuquerque Association of Realtors (
At least life is good to the real estate sales people and the sellers. For buyers, perhaps less so. If one wants a home, one has to pay.
The supply is low with 3,553 homes available. At the present sales pace, it would take 4.17 months to sell the available homes. An “average market is traditionally a six-month supply,” the GAAR report says.
Those homes are selling quickly with an average number of days on the market at 45, down from 49 in May and 57 in April. In January 2015, it took an average of 81 days for a home to sell.
The sale of 1,076 homes closed during June, up 9% from both May 2016 and June 2015. The average price of those homes was $235,110, up almost $22,000 from June 2014. The average price during June was pushed by the sale of four homes in the $1 million or more price group. The median price was $199,000 and increase of $6,000, or 3%, from May and a jump of $14,000 from April. The median price was 4.3% more than the $190,788 seen in June 2015.
A note of caution appears in the drop of the number of pending sales from 1,215 in May to 1,173 in June.
Through the first six months of 2016, the sale has closed on 5,636 homes, an 11% increase from the same period in 2015.

No comments: