Saturday, July 15, 2017

June Abq Homes Sales Look Good

Sometimes things get set aside. No reason. No excuse. Just happens. So here we are five days after the Greater Albuquerque Association of Realtors released the June sales report.
Compared to June 2016, the performance of single family detached homes looks good. Compared to the past few months the market may be flattening.
Homes are selling quickly from a limited inventory. During June the homes sold were on the market an average of 46 days, one less day than a year ago and 16 days less than January.
June saw the sale close on 1,194 homes, 69 units, or 6.1%, more than June 2016. The 1,194 homes sold were two less than May.
Pending sales during June saw a big jump from a year before—22.9%. The 1,283 sales pending were slightly above the 1,279 sales pending during May. Both May and June were a little below March and April
During June 93% of the sales pending during May turned into a sales that closed in June. That’s assuming the rule of thumb for a 45-day closing period still works.
In my neighborhood just north of the University of New Mexico two homes sold within a few days—maybe five days—of being put on the market. Both are the basic early 1950s 1,800 square foot, three bedroom wood frame/stucco. One buyer is a young family—two lawyers and their three-year-old—who had been renting nearby and camping on the internet watching as homes hit the market. The other buyer is a couple maybe in their 40s who buy and renovate homes, doing much of the work themselves. They, too, had sought a new project for months.
The median price was $185,000 for homes sold during January. The median price for the 5,761 homes sold during the first six months of the year was $193,500 with a $200,000 median for June.
For homes sold during the first half of 2017, the average price was $231,575 with the average for the month of June at $243,099.
The June median price was a barely there 0.4% increase from June 2016. June’s average price was up 3.9% from June 2016.