It's great to be able to report that the positive market trends we've been seeing all year in the Albuquerque area real estate market appear to be continuing deep into the fall.
The latest statistics, for October, recently released by Greater Albuquerque Association of REALTORS® (GAAR) are perhaps most notable for the lack of change they represent.
In other words, as predicted we're seeing another strong end of year market building up, just as we witnessed in 2015.
As ever, we'll concentrate our monthly review of the latest stats on the single-family detached market and there are many signs that sellers in this key sector can be enthused about.
Although actual closed sales declined by 5.1% in a year-on-year comparison, they are now up by 6.8% on a year-to-date basis.
Even more encouraging for this month's figures is the excellent number of pending sales, which increased by 19.4% compared with a year ago. Indeed October's pending level was not only considerably higher than September, but also better than the high season month of July!
To date in 2016, it's taking 9 days less, on average, to sell a home than in 2015. The actual average for year-to-date is 55 days, compared with 64 for last year.
Sales prices are continuing their advance, with year on year increases in median sales price (3.3%) and a 2.7% rise in average prices.
Percentage of list price received is hardly changed for the year at just 0.4%, currently standing at 97.6% for year to date, suggesting that there is some very realistic pricing in the market, which always helps homes to sell more quickly.
All year we've been mapping the issues with low inventory of available homes for sale, which presents a fantastic opportunity for sellers to step in to the market and help satisfy demand.
October saw a further diminution in supply and inventory now sits at the worst levels seen since March and a 17.1% year-on-year drop. New listings were also down by 10.5% compared with October 2015.
While some of this most recent decline may be due to seasonal factors, with some sellers mistakenly temporarily leaving the market for the holiday period, sellers that maintain their listing can only benefit from even further reduced competition and consequentially more robust asking prices.
If you've been considering selling your home, we trust that the above figures and observations prove to you what a fantastic opportunity is out there right now.
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