The Greater Albuquerque Association of Realtors released it's January home sales stats on the 10th, and once again, the news was good!
Home sales were up, listings were down, and both the average and median sales prices were up. View more market information in this one page summary on the monthly stats:
Is it a Buyer's Market or a Seller's Market in Albuquerque?
The stats that demonstrate most clearly what the real estate market feels like to Realtors who are out there working in the market are the supply demand ratio and the absorption rate.
Related Post: What is Absorption Rate and Why Does it Matter?
These are the numbers that I watch closely. They reflect the balance between buyers and sellers in the marketplace. They should help guide buyers and sellers to make smart decisions about real estate. They are also the basis for determining whether or not it's a buyer's market or a seller's market.
We've seen the supply of inventory dwindle for the last year the lowest it's been since 2007. Based on the market numbers, January was a seller's market.
One month does not a clear trend make, and the absorption rate tends to increase over the course of a year, as the graph below shows:
So while the January numbers reflect what was a seller's market, we will probably see a more balanced market in the second and third quarters, if the market in 2016 behaves like the market typically behaves.
That's why I've been advising my clients who are considering selling their home in 2016 to get their houses on the market earlier than normal this year, while the amount of homes for sale relative to the number of home buyers in the marketplace appears to be favorable for sellers.
Market stats are not just fodder for blogs and websites; the are the key to making intelligent decisions about buying and selling.
Get a quick estimate of your Albuquerque home value here.