The pace of closed sales for single family detached homes in metro Albuquerque picked up bit in July with a 59 unit, or 5.2%, increase from July 2018. Closed sales were 1,186 homes during July. Sales had dropped 5.4%, or 64 homes, from June 2018.
The net result is that total sales closed through seven months of 2019 are 7,027 homes, all of 1.7% ahead of 2018.
The Greater Albuquerque Association of Realtors released the July sales figures today.
The inventory of homes offered for sale in the metro continued down, way down. The July drop was 33.6% from July 2018. The July inventory as 2,379 homes. People hover over their computers are try to grad homes before they officially hit the market.
The result is that homes sell quickly. The average sales period was 33 days during July, down one day from June and four days faster that July 2018.
With supply limited, demand about the same, the other expected event is happening; prices are going up.
For seven months of 2019, the median price was 220,000, a 7.3%, $205,000, jump from 2018. The median prices for the month of July was $232,000 a $22,000, or 10.5% hike from July 2018. The average price for July was $264,682, a 6.3% or $14,500 increase over the year.
There were 1,373 sales pending during July, a 27.4% jump over July 2018. Pending sales for the year are 8,089, a 6.5% increase over seven months of 2018.
Showing posts with label Real Estate. Show all posts
Showing posts with label Real Estate. Show all posts
Tuesday, August 13, 2019
Wednesday, March 13, 2019
Abq Homes Sales Pattern Continues
The pattern of past months continued during February for the metro Albuquerque residential real estate market. The Greater Albuquerque Association of Realtors released the February sales report on Monday, March 11.
The pattern: Closed and pending sales up. Prices up. Inventory of homes offered for sale, down. Or, demand up, supply down, prices up.
The number of home sales closed during the month continued to increase on a month over month basis from 2018. There were 747 sales closed during February, a 7% increase from February 2018. The exception here is that sales dropped 7.5% during December 2018. But that was the first month over month drop since June 2018.
Pending sales continued up. February’s pending sales were 1,074, a 10% hike from February 2018 and 157 more than during January, which was up 1.7% from January 2018.
Inventory, as noted, went the other way. February saw 2,090 homes offered for sale, a big 690 unit, or 24.8%, drop from 2,780 in February 2018 and down 30% from 2,977 in February 2017.
The median sales price, $203,500, increased 4.4% from $195,000 in February 2018 and was up $1,255 from January.
The average sales price increased 7.1% from February 2018 to $242,062. The average sales price did drop from $250,777 in January and $247,759 in January. October 2018 was the only month over month average price drop during the past year.
Homes did sell a bit more quickly in February than during February 2018. The difference was just a day—55 days versus 56 days. Home required an average of 50 days to sell during January and 52 days during December. Both figures were faster than the year before.
The pattern: Closed and pending sales up. Prices up. Inventory of homes offered for sale, down. Or, demand up, supply down, prices up.
The number of home sales closed during the month continued to increase on a month over month basis from 2018. There were 747 sales closed during February, a 7% increase from February 2018. The exception here is that sales dropped 7.5% during December 2018. But that was the first month over month drop since June 2018.
Pending sales continued up. February’s pending sales were 1,074, a 10% hike from February 2018 and 157 more than during January, which was up 1.7% from January 2018.
Inventory, as noted, went the other way. February saw 2,090 homes offered for sale, a big 690 unit, or 24.8%, drop from 2,780 in February 2018 and down 30% from 2,977 in February 2017.
The median sales price, $203,500, increased 4.4% from $195,000 in February 2018 and was up $1,255 from January.
The average sales price increased 7.1% from February 2018 to $242,062. The average sales price did drop from $250,777 in January and $247,759 in January. October 2018 was the only month over month average price drop during the past year.
Homes did sell a bit more quickly in February than during February 2018. The difference was just a day—55 days versus 56 days. Home required an average of 50 days to sell during January and 52 days during December. Both figures were faster than the year before.
Sunday, January 13, 2019
Abq Homes Sales Up for 2018, Down for December
At the end of November, metro Albuquerque sales of single family detached homes were cruising along, 545 units, or 5%, ahead of the comparable 11 months in 2017. Then came December. Sales dropped 66 units from December 2017 to 845 units for the months. December sales were down 51 units from November as the market heads for the seasonal low in January or February. Sales finished the year 487 units ahead of 2017, a 4.1% gain.
Closed sales were 735 in January 2018.
June was the only other month during 2018 when sales dropped from the comparable 2017 month.
Call it cold weather or rising interest rates.
Still, people are thinking about buying a new home. For December there were 796 sales pending, a 22.1% jump from December 2017. The percentage increase was even better than November when pending sales were 17.1% up from November 2017. Pending sales were 912 units in November.
The median price was $209,950 for homes sold during December, an 8.3% hike from December 2017 and the second highest monthly median for the year behind only the $211,670 seen in June. The average price was $246,348 for the December sales, up 6.9% from a year earlier, but just fourth highest average for 2018.
December’s homes sold in an average of 53 days, one day faster than during December 2017
Closed sales were 735 in January 2018.
June was the only other month during 2018 when sales dropped from the comparable 2017 month.
Call it cold weather or rising interest rates.
Still, people are thinking about buying a new home. For December there were 796 sales pending, a 22.1% jump from December 2017. The percentage increase was even better than November when pending sales were 17.1% up from November 2017. Pending sales were 912 units in November.
The median price was $209,950 for homes sold during December, an 8.3% hike from December 2017 and the second highest monthly median for the year behind only the $211,670 seen in June. The average price was $246,348 for the December sales, up 6.9% from a year earlier, but just fourth highest average for 2018.
December’s homes sold in an average of 53 days, one day faster than during December 2017
Monday, November 12, 2018
Home Sales Continue Up on Year-Over-Year Basis
As interest rates edged up, the October surprise in the metro Albuquerque market for single family detached homes is a drop of just 14 units from September to make 1,017 closed sales during the month. The percentage change was a minus 1.4% from the 1,031 closed sales during September. The October closed sales represented a 3.6% increase from 982 closed sales during October 2017.
Deals are getting done. October’s closed sales consumed nearly all the 1,037 sales that were pending in September. During October pending sales increased to 1,094, up 54 units, or 5.2%, from September.
Those 1,017 October sales closed in an average of 43 days, a period three days, or 6.5%, faster than a year before, but three days longer than the 40-day average sales period during September. The 43-day average time on market was the longest since 46 days during April.
The 1,337 homes listed for sale during October was up from the last two Octobers. It was 1,315 during October 2017 and 1,224 a year earlier. However, 22 fewer homes entered the market during October than during September, a month with 30 days where October has 31.
The median price of those October closed sales—$199,000—was flat during October, both as compared to September 2018 and to October 2017. For attached homes (townhouses and condos), it was different. The October median price—$160,500—was highest of 2018, up from $150,000 in September and from $151,500 during October 2017.
The average price dropped $5,080 from October 2017 to $231,462 in October 2018 and was down $7,820 from September. October’s average price was the lowest since March.
Deals are getting done. October’s closed sales consumed nearly all the 1,037 sales that were pending in September. During October pending sales increased to 1,094, up 54 units, or 5.2%, from September.
Those 1,017 October sales closed in an average of 43 days, a period three days, or 6.5%, faster than a year before, but three days longer than the 40-day average sales period during September. The 43-day average time on market was the longest since 46 days during April.
The 1,337 homes listed for sale during October was up from the last two Octobers. It was 1,315 during October 2017 and 1,224 a year earlier. However, 22 fewer homes entered the market during October than during September, a month with 30 days where October has 31.
The median price of those October closed sales—$199,000—was flat during October, both as compared to September 2018 and to October 2017. For attached homes (townhouses and condos), it was different. The October median price—$160,500—was highest of 2018, up from $150,000 in September and from $151,500 during October 2017.
The average price dropped $5,080 from October 2017 to $231,462 in October 2018 and was down $7,820 from September. October’s average price was the lowest since March.
Tuesday, October 16, 2018
Metro Abq Home Sales Show Seasonal Drop
During September, Metro Albuquerque sales of single family detached homes went back to the seasonal pattern of declining sales month over month. Closed sales peaked in May at 1,240 units, then dropped for two months before a slight increase to 1,192 units.
The Greater Albuquerque Association of Realtors released the September sales report last week.
The September performance was 1,031 sales, a 5.1% drop from August, which had an extra day. The sales were 3.1% ahead of September 2017. Of the past 12 months, on closed sales in June have been behind the same month as 2017.
Pending sales show the same pattern—two months of decline after the 2018 high in June, an increase in August to 1,164 and then a 127 unit, or 11%, decline in September to 1,037. The September pending performance was 22.1% ahead of September 2018.
Homes sold after an average of 40 days on the market, which ties May and June for the shortest sales period of the past year. Home took 43 days to sell during September 2017.
The median sales price dropped $15,010 to $199,990 from $215,000 in August, which was the highest median price of the year. The median price in September 2017 was $201,000. The September 2018 median price was 0.5% less.
In August the average price hit a 12-month high of $252,096. The average price in September was $239,282, a $12,814, or 5.1% drop.
The inventory of homes offered for sale—3,298 in September—dropped for the second month. The 12-month high was 3,728 homes during October 2017. There were 4,331 homes offered for sale during September 2016.
Mortgage rates, up about a point during the past year, are squeezing demand.
The Greater Albuquerque Association of Realtors released the September sales report last week.
The September performance was 1,031 sales, a 5.1% drop from August, which had an extra day. The sales were 3.1% ahead of September 2017. Of the past 12 months, on closed sales in June have been behind the same month as 2017.
Pending sales show the same pattern—two months of decline after the 2018 high in June, an increase in August to 1,164 and then a 127 unit, or 11%, decline in September to 1,037. The September pending performance was 22.1% ahead of September 2018.
Homes sold after an average of 40 days on the market, which ties May and June for the shortest sales period of the past year. Home took 43 days to sell during September 2017.
The median sales price dropped $15,010 to $199,990 from $215,000 in August, which was the highest median price of the year. The median price in September 2017 was $201,000. The September 2018 median price was 0.5% less.
In August the average price hit a 12-month high of $252,096. The average price in September was $239,282, a $12,814, or 5.1% drop.
The inventory of homes offered for sale—3,298 in September—dropped for the second month. The 12-month high was 3,728 homes during October 2017. There were 4,331 homes offered for sale during September 2016.
Mortgage rates, up about a point during the past year, are squeezing demand.
Tuesday, September 18, 2018
During August, Abq Single Family Home Prices Post 2018 High
The Greater Albuquerque Association of Realtors released the August sales report eight days ago. Our time slipped away to Santa Fe and Las Cruces. Here are the numbers, belatedly.
Sales closed for single family detached homes in metro Albuquerque were 1,171 during August. That’s up 4.8% from August 2017 and less, 2%, from July 2018. Closed sales were 1,240 in May, the 2018 high, and 1212 in June. The homes with the sale closed during August were on the market for an average 41 days, three days longer than during July and a day more than June, but three days, or 6.8%, less than the 44 days for August 2017.
My former rule-of-thumb relationship between sales closed in one month and sales pending in the previous month is upset if not destroyed. It seems that nearly all the sales pending in one month are closing the next month. For example, the 1,171 sales closed during August followed 1,144 pending sales during July. The old 45-day closing period now looks more like 30 days.
Prices continue up. Both the median and the average prices during August increased more than six percent from August 2017. August’s sales prices were the highest of 2018.
The median price for August was $215,000, a $7,500, or 3.6%, increase from July. The June median price was $211,670.
The average price grew $5,070 during August to $251,598, a $5,070 hike, or 2.1%.
There were 3,326 homes available for sale during August, a 16.4% drop.
So let’s see: With a reduced supply, we find higher prices.
Sales closed for single family detached homes in metro Albuquerque were 1,171 during August. That’s up 4.8% from August 2017 and less, 2%, from July 2018. Closed sales were 1,240 in May, the 2018 high, and 1212 in June. The homes with the sale closed during August were on the market for an average 41 days, three days longer than during July and a day more than June, but three days, or 6.8%, less than the 44 days for August 2017.
My former rule-of-thumb relationship between sales closed in one month and sales pending in the previous month is upset if not destroyed. It seems that nearly all the sales pending in one month are closing the next month. For example, the 1,171 sales closed during August followed 1,144 pending sales during July. The old 45-day closing period now looks more like 30 days.
Prices continue up. Both the median and the average prices during August increased more than six percent from August 2017. August’s sales prices were the highest of 2018.
The median price for August was $215,000, a $7,500, or 3.6%, increase from July. The June median price was $211,670.
The average price grew $5,070 during August to $251,598, a $5,070 hike, or 2.1%.
There were 3,326 homes available for sale during August, a 16.4% drop.
So let’s see: With a reduced supply, we find higher prices.
Saturday, August 11, 2018
Up and Downs in July for Metro Albuquerque Real Estate
Nationally a decline in single family home sales is projected for August and September, by RedFin Corp. a brokerage and website firm. The National Association of Realtors projected pending sales would be lower in June, on a year-over-year basis, the sixth month of decline.
The national picture isn’t quite the metro Albuquerque picture, nor are constant increases.
For single family detached home in metro Albuquerque, July registered 1,121 sales closed, a 3.5% increase from July 2018, but down 92 units from 1,213 sales in June, an 8% drop. Homes that had the sales close during July were on the market an average of 38 days, two days less than the 40-day average sale time in May and June.
The Greater Association of Realtors released the July sales report yesterday.
May was the sales peak for the year, so far. Closed sales were 1,240 in May.
Pending sales are an exception, peaking at 1,271 in July, 107 deals, or 9%, ahead of 1,164 in June and 1,234 in May. Those 1,271 pending sales were 15.5% ahead o a year ago. The strong performance suggests a rebound for closed sales in August.
The market continues to tighten. With 3,524 homes available, June was the 2018 inventory peak. The inventory dropped to 3,368 in July. The inventory was down 588 homes, or 14.2% from 3,926 in July 2017. July saw 1,607 new listings hit the market, down 1.3% or 27 units from a year ago. With 1,890 new listing, May was the 2018 peak.
Average prices have trended up since January, except for a small stumble to $238,466 in May. The average price was $246,862, up $2,171 or 0.9% from June and 3.7% above July 2017.
At $211,490, the median price broke the $210,000 ceiling in June but dropped $3,490, or 1.6% in July to $208,000.
The average price for an attached home (a townhouse or condominium) was $158,398, second lowest of 2018, head only of the $156,292 in February.
The national picture isn’t quite the metro Albuquerque picture, nor are constant increases.
For single family detached home in metro Albuquerque, July registered 1,121 sales closed, a 3.5% increase from July 2018, but down 92 units from 1,213 sales in June, an 8% drop. Homes that had the sales close during July were on the market an average of 38 days, two days less than the 40-day average sale time in May and June.
The Greater Association of Realtors released the July sales report yesterday.
May was the sales peak for the year, so far. Closed sales were 1,240 in May.
Pending sales are an exception, peaking at 1,271 in July, 107 deals, or 9%, ahead of 1,164 in June and 1,234 in May. Those 1,271 pending sales were 15.5% ahead o a year ago. The strong performance suggests a rebound for closed sales in August.
The market continues to tighten. With 3,524 homes available, June was the 2018 inventory peak. The inventory dropped to 3,368 in July. The inventory was down 588 homes, or 14.2% from 3,926 in July 2017. July saw 1,607 new listings hit the market, down 1.3% or 27 units from a year ago. With 1,890 new listing, May was the 2018 peak.
Average prices have trended up since January, except for a small stumble to $238,466 in May. The average price was $246,862, up $2,171 or 0.9% from June and 3.7% above July 2017.
At $211,490, the median price broke the $210,000 ceiling in June but dropped $3,490, or 1.6% in July to $208,000.
The average price for an attached home (a townhouse or condominium) was $158,398, second lowest of 2018, head only of the $156,292 in February.
Wednesday, July 11, 2018
Abq Single Family Homes Sales Drop by 11 in June. Wow!
Sales dropped 11 units during June from May for single family detached homes in metro Albuquerque. That’s 0.92%. The performance was down 58 units, or 4.7%, from June 2017.
The Greater Albuquerque Association of Realtors released the June sales report yesterday.
Pending sales in one month offer a rough indication of closed sales the following month. June’s pending sales of 1,279 homes was 94 fewer that the 1,373 sales pending during May. However the June pending performance was up 154 from June 2017, a healthy 13,7% increase.
Homes continue to sell quickly. Homes sold during June was on the market just 40 days, on average, the same as May and a week less than during June 2017. This average sales period is the shortest of the past year.
Month-over-month, the median price has increased since January when it was $189,000. The June median price was $212,500. The median was $199,950 for June 2017, and, for May 2018, it was $209,000.
With the exception of a blip during May 2018, the average price also has increased in since January. The average price was $238,458 in May, $244,365 during June, and $242,360 for June 2017.
The inventory of homes offered for sale has been increasing each month since February. The inventory was 3,297 for June, down 15.4% from 3,899 June 2017.
The Greater Albuquerque Association of Realtors released the June sales report yesterday.
Pending sales in one month offer a rough indication of closed sales the following month. June’s pending sales of 1,279 homes was 94 fewer that the 1,373 sales pending during May. However the June pending performance was up 154 from June 2017, a healthy 13,7% increase.
Homes continue to sell quickly. Homes sold during June was on the market just 40 days, on average, the same as May and a week less than during June 2017. This average sales period is the shortest of the past year.
Month-over-month, the median price has increased since January when it was $189,000. The June median price was $212,500. The median was $199,950 for June 2017, and, for May 2018, it was $209,000.
With the exception of a blip during May 2018, the average price also has increased in since January. The average price was $238,458 in May, $244,365 during June, and $242,360 for June 2017.
The inventory of homes offered for sale has been increasing each month since February. The inventory was 3,297 for June, down 15.4% from 3,899 June 2017.
Monday, June 11, 2018
Home Sales Drop 2.4% During May From May 2017
During May the sale closed for 88% of the homes with sale pending. That’s a number relationship, not reality. But the suggestion is that the sale went through on nearly all the potential sales. That’s a change.
The sale closed during May for 1,200 single family detached homes, a 2.4% drop from May 2017. Those homes were on the market an average of 40 days, a 9.1% quicker sale than during May 2017. The old rule of thumb was that a home sale took 45 days to close, plus or minus.
The inventory of homes for sale was 3,035, 17.7%, or 651 less than a year ago.
Put all these figures together and it seems as if the metro Albuquerque market is getting really, really tight. The Greater Albuquerque Association of Realtors released the May sales report today.
Pending sales did increase during May, as compared to a year before, up 244, or 21.6%. That increase was a mere 15 over April, so year-over-year implies not much. It was the largest percentage increase in pending sales for more than a year.
The median sales price, $210,000 during May increased from April, up $5,000, or 3%. A year ago during May, the median price was $199,000.
However, the average price, $239,281 for May, dropped a bit from April, down one percent, or $2,756. April’s average price increased 1.6% from April 2017.
The sale closed during May for 1,200 single family detached homes, a 2.4% drop from May 2017. Those homes were on the market an average of 40 days, a 9.1% quicker sale than during May 2017. The old rule of thumb was that a home sale took 45 days to close, plus or minus.
The inventory of homes for sale was 3,035, 17.7%, or 651 less than a year ago.
Put all these figures together and it seems as if the metro Albuquerque market is getting really, really tight. The Greater Albuquerque Association of Realtors released the May sales report today.
Pending sales did increase during May, as compared to a year before, up 244, or 21.6%. That increase was a mere 15 over April, so year-over-year implies not much. It was the largest percentage increase in pending sales for more than a year.
The median sales price, $210,000 during May increased from April, up $5,000, or 3%. A year ago during May, the median price was $199,000.
However, the average price, $239,281 for May, dropped a bit from April, down one percent, or $2,756. April’s average price increased 1.6% from April 2017.
Tuesday, May 22, 2018
April Home Sales Up 10%
Metro Albuquerque sales of single family detached homes continue to show a year-over-year increase. The other news is that interest rates are going up, which is expected to slow sales nationally. How much slowing? No idea.
In Albuquerque closed sales for April were 1,089 homes, a 10.3%, or 102 home, growth from April 2017 but just a tiny 23 home increase from 1,066 closed sales during March.
Pending sales for April—1,358 homes—were up a nice 15.6% from 1,175 in April 2017, but actually dropped six units from March.
The homes sold in an average of 47 days, four days faster than during April 2017 and six days faster than during March.
On a year-over-year comparison, prices continued the upward march. The median sales price during April was $205,000, a 5.1% hike, or $10,000, from March 2017. The $205,000 median price was $7,000 ahead of March.
The story of the April average prices, $242,037, is more complex. The average price was up from April 2017 by 2.5%, or $5,799. But it dropped a tiny bit—$495—from $242,532 in March.
The inventory of homes for sale, 2,808 during April, increased 168 homes from March, but was down 17.1% from 3,389 during April 2018.
In Albuquerque closed sales for April were 1,089 homes, a 10.3%, or 102 home, growth from April 2017 but just a tiny 23 home increase from 1,066 closed sales during March.
Pending sales for April—1,358 homes—were up a nice 15.6% from 1,175 in April 2017, but actually dropped six units from March.
The homes sold in an average of 47 days, four days faster than during April 2017 and six days faster than during March.
On a year-over-year comparison, prices continued the upward march. The median sales price during April was $205,000, a 5.1% hike, or $10,000, from March 2017. The $205,000 median price was $7,000 ahead of March.
The story of the April average prices, $242,037, is more complex. The average price was up from April 2017 by 2.5%, or $5,799. But it dropped a tiny bit—$495—from $242,532 in March.
The inventory of homes for sale, 2,808 during April, increased 168 homes from March, but was down 17.1% from 3,389 during April 2018.
Wednesday, April 11, 2018
Abq Home Sales and Prices Up, Inventory down
Metro Albuquerque real estate sales people got it in gear during March. They closed the sale of 34.4 single family homes on the average day during the month. That’s almost ten more sales each day that during February. The sale of 1,066 homes closed during the month, 3.4%, or 35 homes more than March 2017, and 373 homes, or 54% more than during February.
Remember that March had three more days than February. The same sort of sales jump between February and March happened during 2017.
The Greater Albuquerque Association of Realtors released the March sales report yesterday.
Pending sales increased 19% to 1,364 during March from 1,142 during February. Pending sales were up 17.8% from March 2017. Seasonality explains at least part of the increase; metro sales increase as the weather warms.
Prices are trending up. Median prices were 187,500 during January, 194,500 for February and $198,000 during March. For Average prices, it was $217,679 during January, $225,342 during February and $242,532 for March. The March average price represented an increase of almost $20,000, or 9%, from $222,574 in March 2017.
The March sales increase comes in the face of a flat inventory of homes available for sale. The metro inventory was 2,671 during January, 2,613 during February and 2,645 during March.
The metro market for single family attached homes showed the same behavior during March with pending and closed sales increasing along with median and average prices.
Remember that March had three more days than February. The same sort of sales jump between February and March happened during 2017.
The Greater Albuquerque Association of Realtors released the March sales report yesterday.
Pending sales increased 19% to 1,364 during March from 1,142 during February. Pending sales were up 17.8% from March 2017. Seasonality explains at least part of the increase; metro sales increase as the weather warms.
Prices are trending up. Median prices were 187,500 during January, 194,500 for February and $198,000 during March. For Average prices, it was $217,679 during January, $225,342 during February and $242,532 for March. The March average price represented an increase of almost $20,000, or 9%, from $222,574 in March 2017.
The March sales increase comes in the face of a flat inventory of homes available for sale. The metro inventory was 2,671 during January, 2,613 during February and 2,645 during March.
The metro market for single family attached homes showed the same behavior during March with pending and closed sales increasing along with median and average prices.
Monday, March 12, 2018
February Average Daily Home Sales Up From January
Sales of single family detached homes in metro Albuquerque recovered a bit in February, though the number of closed sales tells a different tale. The trick is that February had just 28 days. While February’s 693 closed sales were down from January’s 721 sales, February averaged 24.75 sales per day while January, with 721 closed sales, averaged 23.26 sales per day. The February performance beat February 2017 by 37 units, or 5.6%, but was well behind December 2017, which had 904 closed sales, a rate of 29.16 per day.
February saw the sale closed of 67% of the 1,037 sales that were pending during January, a low figure.
Pending sales increased 105 units, or 10%, from January to 1,142 for February. The performance was 22.4%, or 209 units, ahead of February 2017. The increase suggests improvement in March sales.
Both median and average sale prices, while up from February 2017, remain below November 2017. The median price for the February sales was $194,500. The average price was $225,342.
Home sold in an average 58 days during February, a week faster than during February 2017, but slower than the closing months of 2017.
The inventory of homes offered for sale continues down. It was 2,613 during February and 3,565 During August 2017. The inventory was 3,194 during February 2017.
The Greater Albuquerque Association of Realtors released the February sales report today.
February saw the sale closed of 67% of the 1,037 sales that were pending during January, a low figure.
Pending sales increased 105 units, or 10%, from January to 1,142 for February. The performance was 22.4%, or 209 units, ahead of February 2017. The increase suggests improvement in March sales.
Both median and average sale prices, while up from February 2017, remain below November 2017. The median price for the February sales was $194,500. The average price was $225,342.
Home sold in an average 58 days during February, a week faster than during February 2017, but slower than the closing months of 2017.
The inventory of homes offered for sale continues down. It was 2,613 during February and 3,565 During August 2017. The inventory was 3,194 during February 2017.
The Greater Albuquerque Association of Realtors released the February sales report today.
Monday, February 12, 2018
Home Sales Start 2018 Nicely
Maybe it was the warm weather. Maybe it was the jobs, few as they are, being added to the metro Albuquerque economy.
Whatever the reason, metro Albuquerque sales of single family homes started the year nicely with 721 closed sales representing a 7.6% increase over January 2017. Everything being relative and seasonal, however, the January sales were 20% down from the 904 sales in December 2017.
The Greater Albuquerque Association of Realtors released the January sales report today.
Pending sales, the predictor of closed sales the following month, suggest a good February. January pending sales were 1,037 homes, 28.7% above a year ago and 11%, or 104 homes, above February 2017.
Homes continue to sell faster than a year ago. Homes took an average of 58 days to sell during January. That was four days or 6.5% faster than January 2017. There were 2,671 homes offered for sale during January, a drop of 570 homes, or 17.6%, from a year ago. Inventory dropped two percent, or 65 homes, from December.
Prices changed little from January 2017. January’s average price, $217,679, was down 0.6%, or $1,237, from January 2017. However, that $217,679 was down $12,501, or five percent from December 2017. The average sales price had been over $230,000 for nine months.
The median price during January was $187,500, up 1.1% or $2,000, from January 2017 but down $6,400 or three percent from December.
Sales of attached homes (townhouses or condominiums), 77 during January, were up 30.5% from January 2017. The 118 pending sales were 53% increase from a year before.
Whatever the reason, metro Albuquerque sales of single family homes started the year nicely with 721 closed sales representing a 7.6% increase over January 2017. Everything being relative and seasonal, however, the January sales were 20% down from the 904 sales in December 2017.
The Greater Albuquerque Association of Realtors released the January sales report today.
Pending sales, the predictor of closed sales the following month, suggest a good February. January pending sales were 1,037 homes, 28.7% above a year ago and 11%, or 104 homes, above February 2017.
Homes continue to sell faster than a year ago. Homes took an average of 58 days to sell during January. That was four days or 6.5% faster than January 2017. There were 2,671 homes offered for sale during January, a drop of 570 homes, or 17.6%, from a year ago. Inventory dropped two percent, or 65 homes, from December.
Prices changed little from January 2017. January’s average price, $217,679, was down 0.6%, or $1,237, from January 2017. However, that $217,679 was down $12,501, or five percent from December 2017. The average sales price had been over $230,000 for nine months.
The median price during January was $187,500, up 1.1% or $2,000, from January 2017 but down $6,400 or three percent from December.
Sales of attached homes (townhouses or condominiums), 77 during January, were up 30.5% from January 2017. The 118 pending sales were 53% increase from a year before.
Thursday, January 11, 2018
December Real Estate Numbers Up
The December numbers moved in a happy direction for the single family detached home marker in metro Albuquerque. The Greater Albuquerque Association of Realtors released the December sales report yesterday.
As compared to December 2016, December 2017 new listings were down, pending and closed sales were up, the time to sell a house was down and the inventory of homes for sale was down.
As compared to November, the comparisons show different results, a least part of which is the seasonal slowing of sales.
Closed sales, 904 in December, were up 19 units, or 2.1%, from a year ago. Sales were down 78 units, or 9.4%, from November. Pending sales increased 61 units, or nine percent from a year ago, but showed a 179 unit, or 19.5% drop from November.
Homes took an average 54 days to sell during December, five fewer days than during November 2016. The average sales period was up from 51 days in November and 46 days during October.
The median sales price was $193,900 during December with the average sales price at $230,180. Prices increased, respectively, 2.1% and 3.9% from December 2016. The median price dropped $5,600, or 2.8%, from November. The average was down $6,909, or 2.9%, from November.
During 2017 the sale of 11,745 single family detached homes closed in metro Albuquerque. That was a 6.5% increase from 2016. The sale of 1,165 condominiums and townhouses closed during the year, an 11.3% increase over 2016.
As compared to December 2016, December 2017 new listings were down, pending and closed sales were up, the time to sell a house was down and the inventory of homes for sale was down.
As compared to November, the comparisons show different results, a least part of which is the seasonal slowing of sales.
Closed sales, 904 in December, were up 19 units, or 2.1%, from a year ago. Sales were down 78 units, or 9.4%, from November. Pending sales increased 61 units, or nine percent from a year ago, but showed a 179 unit, or 19.5% drop from November.
Homes took an average 54 days to sell during December, five fewer days than during November 2016. The average sales period was up from 51 days in November and 46 days during October.
The median sales price was $193,900 during December with the average sales price at $230,180. Prices increased, respectively, 2.1% and 3.9% from December 2016. The median price dropped $5,600, or 2.8%, from November. The average was down $6,909, or 2.9%, from November.
During 2017 the sale of 11,745 single family detached homes closed in metro Albuquerque. That was a 6.5% increase from 2016. The sale of 1,165 condominiums and townhouses closed during the year, an 11.3% increase over 2016.
Tuesday, December 12, 2017
Abq Home Sales Flat
November’s detached single family homes sales in metro Albuquerque were flat as compared to November 2016. Sales were down from October and homes took five days longer to sell, though the average sale was three days faster than a year before.
The Greater Albuquerque Association of Realtors released the November sales report yesterday.
November saw the sale closed for 826 homes, 144 or 15% fewer than during October. The sale of 821 homes closed during November 2016.
Homes sold during November after an average of 51 days on the market.
Average and median home prices have been fairly steady the past six months. However, the November average price—$237,089—was up 8.4% or almost $20,000 from a year before. The median price—$199,650—increased $16,650, or 9.1%, from November 2016.
Pending sales, a leading indicator of sorts for sales closing the following month, were 917 during November, a 24.4% jump from November 2016. Pending sales were down 133 units, or 13%, from October. The decline can be assumed to be mostly seasonal.
The Greater Albuquerque Association of Realtors released the November sales report yesterday.
November saw the sale closed for 826 homes, 144 or 15% fewer than during October. The sale of 821 homes closed during November 2016.
Homes sold during November after an average of 51 days on the market.
Average and median home prices have been fairly steady the past six months. However, the November average price—$237,089—was up 8.4% or almost $20,000 from a year before. The median price—$199,650—increased $16,650, or 9.1%, from November 2016.
Pending sales, a leading indicator of sorts for sales closing the following month, were 917 during November, a 24.4% jump from November 2016. Pending sales were down 133 units, or 13%, from October. The decline can be assumed to be mostly seasonal.
Monday, November 13, 2017
Oct. Homes Sales Up 16% From Year Ago
The sale of 970 single-family detached homes closed in metro Albuquerque during October. The performance was a 31-unit, or 3.1%, drop from September. October sales increased 134 units, or 16%, from October 2016.
The homes took an average of 46 days to sell, eight days, or 14.8%, faster than the year-ago period.
The Greater Albuquerque Association of Realtors released the September sales report last Friday, November 10.
Townhouses and condominiums sold even faster. The average sales period was 43 days. October saw the sale closed on 177 homes, the second highest sales month of 2017 and 27% more than October 2016.
Home prices were higher during October than a year ago, as might be expected during a time of increasing sales. Pries have fairly stable for about six months.
The median sales price was $199,450, a 5.5%, or $10,450 increase during the year. The median sales price has been around $200,000 since May.
For the average price, it was $237,286 during October, a one-year increase of nearly $20,000, or 8.7%. Excepting a one time jump to $242,000 in May, the average has been about $236,000.
The homes took an average of 46 days to sell, eight days, or 14.8%, faster than the year-ago period.
The Greater Albuquerque Association of Realtors released the September sales report last Friday, November 10.
Townhouses and condominiums sold even faster. The average sales period was 43 days. October saw the sale closed on 177 homes, the second highest sales month of 2017 and 27% more than October 2016.
Home prices were higher during October than a year ago, as might be expected during a time of increasing sales. Pries have fairly stable for about six months.
The median sales price was $199,450, a 5.5%, or $10,450 increase during the year. The median sales price has been around $200,000 since May.
For the average price, it was $237,286 during October, a one-year increase of nearly $20,000, or 8.7%. Excepting a one time jump to $242,000 in May, the average has been about $236,000.
Friday, October 13, 2017
Nothing Much Happening in Albuquerque. September Home Sales Up By Nine.
It takes less than 30 days to sell a home or condo sell in Denver, reports the Wall Street Journal today. Now even mentioning the number slips into the Denver Envy mode that is so useless and popular in Albuquerque. My excuse is that the number is one of those interesting tidbits, however irrelevant.
Denver’s circumstances are different from Albuquerque. Denver is booming. In New Mexico, the bad news is that nothing much positive is happening. The good news is that nothing much bad is happening.
In Albuquerque it took an average of 43 days to sell the 997 single family homes that showed a closed sale during September, reports the Greater Albuquerque Association of Realtors in the September sales report released Wednesday. That was six days faster than during September 2016. A condominium or townhouse took 53 days to sell during September, a three-day increase from September 2016.
Closed sales dropped 95 units, or nine percent, from 1092 in August, a reflection of the seasonal slowing as we head into colder months. Sales were up nine units from 988 in September 2016. Sales peaked in March at 1,030.
It was the same pattern for September’s 985 pending sales, down 195 units, or 17%, from August, but up 128 units, a nice 14.9%, from a year ago.
Prices increased from September 2016. The September median price, $200,000, was up $4,000, or two percent, in a year, but down from $202,825 in August. The average price movement was a $7,070 increase, or 3.1% from September 2016 and a $2,036 decline from $237,532 in August.
Through the first nine months of 2017, the sale of 9,016 single family homes closed in metro Albuquerque, a 6.2% increase from 8,488 in 2016.
Denver’s circumstances are different from Albuquerque. Denver is booming. In New Mexico, the bad news is that nothing much positive is happening. The good news is that nothing much bad is happening.
In Albuquerque it took an average of 43 days to sell the 997 single family homes that showed a closed sale during September, reports the Greater Albuquerque Association of Realtors in the September sales report released Wednesday. That was six days faster than during September 2016. A condominium or townhouse took 53 days to sell during September, a three-day increase from September 2016.
Closed sales dropped 95 units, or nine percent, from 1092 in August, a reflection of the seasonal slowing as we head into colder months. Sales were up nine units from 988 in September 2016. Sales peaked in March at 1,030.
It was the same pattern for September’s 985 pending sales, down 195 units, or 17%, from August, but up 128 units, a nice 14.9%, from a year ago.
Prices increased from September 2016. The September median price, $200,000, was up $4,000, or two percent, in a year, but down from $202,825 in August. The average price movement was a $7,070 increase, or 3.1% from September 2016 and a $2,036 decline from $237,532 in August.
Through the first nine months of 2017, the sale of 9,016 single family homes closed in metro Albuquerque, a 6.2% increase from 8,488 in 2016.
Monday, September 11, 2017
Metro Home Sales Down 11% from June
Sales peaked in June for single family detached homes in metro Albuquerque. For August the 1,092 closed sales were 136 units, or 11%, down from June. Sales of attached homes (townhouses and condominiums) also peaked in June (at 112) and dropped 21% to 96 for August. The figures are in the August sales report released today by the Greater Albuquerque Association of Realtors.
August closed sales were up eight units, or 0.8%, from July and nine units from August 2016.
Pending sales behaved a little differently during August, climbing back to tie April at 1,080 for the 2017 high. Even so, pending sales have been flat since March at 1,150 units, plus or minus. The increase from the 1,133 pending sales in July was 47, or four percent, and 17.2% from 1,007 in August 2016. It was 2007 when pending sales were last over 1,000 for several months.
The homes that closed during August were on the market an average of 44 days, down from 50 days in August 2016. The average sales period has been below 50 days since May.
Attached homes are selling even faster, on the market for 40 days during August, 39 days in July and 38 during June.
Both the median and average price increased, year over year, during August for metro detached homes.
The median price, $202,825 during August, was up 6.7%, or $12,825, from August 2016 and increased $3,325, or 1.7%, from July.
However, the average price dropped $382 from July to $237,532 and is down $4,869, or two percent, from the 2017 peak of $242,401 in June. The August average was up five percent from $226,322 for August 2016.
August closed sales were up eight units, or 0.8%, from July and nine units from August 2016.
Pending sales behaved a little differently during August, climbing back to tie April at 1,080 for the 2017 high. Even so, pending sales have been flat since March at 1,150 units, plus or minus. The increase from the 1,133 pending sales in July was 47, or four percent, and 17.2% from 1,007 in August 2016. It was 2007 when pending sales were last over 1,000 for several months.
The homes that closed during August were on the market an average of 44 days, down from 50 days in August 2016. The average sales period has been below 50 days since May.
Attached homes are selling even faster, on the market for 40 days during August, 39 days in July and 38 during June.
Both the median and average price increased, year over year, during August for metro detached homes.
The median price, $202,825 during August, was up 6.7%, or $12,825, from August 2016 and increased $3,325, or 1.7%, from July.
However, the average price dropped $382 from July to $237,532 and is down $4,869, or two percent, from the 2017 peak of $242,401 in June. The August average was up five percent from $226,322 for August 2016.
Thursday, August 10, 2017
July Abq Home Sales Down From June, Up From 2016
Sales of metro Albuquerque single family detached homes peaked at 1,196 in May, dropped ever so slightly in June to 1,194 and then to 1,075 in July, according to Greater Albuquerque Association of Realtors, which released the July sales report today.
The pace of sales has eased. In June, 93% of the 1,279 May pending sales turned into closed sales. For July, it was 84% of June’s 1,283 pending sales closed. This rough metric assumes it takes about 45 days for a sale to close.
The 1,214 sales that were pending during July is down from 1,283 in June, which was essentially the same as the 1,279 sales pending during May. The May and June pending figures were down a bit from 1,299 in March and 1,331 (the pending peak for the year) in April.
On a year-over-year basis, pending sales remain popping. July pending sales were 29.6% above July 2016. June was 22.9% ahead of a year ago.
June’s 1,075 closed sales were just five units ahead of July 2016.
Homes continue to sell more quickly. Homes sold during July were on the market and average of 42 days, down from 46 days in June and from 48 days for July 2016.
In my neighborhood just north of UNM, two homes reduced the average days on the market. One sold to two young lawyers with a toddler grabbing their first home the day it hit the market. The other took a plodding five days. Both were early 1950s stucco on wood frame with three bedrooms and about 1,800 square feet. Couples bought both homes. The other couple, in their 40s, renovates homes, investing sweat equity and then sells.
The median sales price, $199,250 in July, dropped from $200,000 in June. The median price was $199,950 in May. The July median price was 4.9% up from July 2016. July’s average price increased $2,091, or 0.89%, from June. The average increased 5.3% from July 2016.
The inventory of homes for sale—3,566 during July—continued well under
The pace of sales has eased. In June, 93% of the 1,279 May pending sales turned into closed sales. For July, it was 84% of June’s 1,283 pending sales closed. This rough metric assumes it takes about 45 days for a sale to close.
The 1,214 sales that were pending during July is down from 1,283 in June, which was essentially the same as the 1,279 sales pending during May. The May and June pending figures were down a bit from 1,299 in March and 1,331 (the pending peak for the year) in April.
On a year-over-year basis, pending sales remain popping. July pending sales were 29.6% above July 2016. June was 22.9% ahead of a year ago.
June’s 1,075 closed sales were just five units ahead of July 2016.
Homes continue to sell more quickly. Homes sold during July were on the market and average of 42 days, down from 46 days in June and from 48 days for July 2016.
In my neighborhood just north of UNM, two homes reduced the average days on the market. One sold to two young lawyers with a toddler grabbing their first home the day it hit the market. The other took a plodding five days. Both were early 1950s stucco on wood frame with three bedrooms and about 1,800 square feet. Couples bought both homes. The other couple, in their 40s, renovates homes, investing sweat equity and then sells.
The median sales price, $199,250 in July, dropped from $200,000 in June. The median price was $199,950 in May. The July median price was 4.9% up from July 2016. July’s average price increased $2,091, or 0.89%, from June. The average increased 5.3% from July 2016.
The inventory of homes for sale—3,566 during July—continued well under
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.
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.
Subscribe to:
Posts (Atom)