According to the Greater Albuquerque Association of Realtors, the 638 detached homes sold last month showed a very healthy 15.16% year on year increase on the same period last year.
Pending sales stood at 1,040, up by 12.92% on February 2015.
These statistics both demonstrate the sustained enthusiasm of buyers, who are still able to lock in ultra-low mortgage rates as jitters in international financial markets and risk aversion still continue to encourage lower home loan interest.
The average sale price for a detached home in the area stood at $212,172 at month end, demonstrating an almost identical percentage rise as we saw in January, of 6.51%.
The average number of days a home is on the market in the area dropped by 4.11%. Detached home sellers can now expect their home to be on the market for around 70 days.
In practice, of course, low inventory of available homes for sale is speeding up the selling period across many sectors and so, inevitably, two of the first columns we look at in monthly stats are currently active listings and new listings, both of which have been falling for some time now.
It's interesting, therefore, to note that, while active listings fell by 15.5% in 12 months, new listings actually rose by 12.29% on last February. Newly listed detached homes were well over 200 homes up on the previous month, which is partially explained by the usual seasonal variations.
However, whereas new listings fell year on year by 8.39% in January, the significant rise we saw last month is perhaps the most encouraging sign for some time that sellers are finally recognizing the opportunities to sell in such a positive environment, especially in terms of the number of active and qualified current buyers.
Right now, it seems that everyone's a winner in this market. Contact us today and learn how we can make the most of the situation for you.