Statistics for March, just published by the Greater Albuquerque Association of Realtors (GAAR), make great reading for home sellers in the area, as the busiest months of the real estate year approach.
Compared with a year ago, the average number of days a home is on the market before it sells decreased by 17.33% in March. It now takes an average of 62 days to sell a detached home in the area, where twelve months prior the average sat at 75 days. A significant fall.
This is another strong indicator of buyer enthusiasm, as low mortgage rates continue to inform and positively influence the market. Just yesterday, CNBC reported that 30 year home loans are now at their lowest interest rate level this year, with some stronger recent signs that they could fall even further!
High demand continues to contribute to robust asking prices, with March seeing annual increases in both average (3.84%) and median (2.86%) sale prices. There was also a 12.38% annual rise in overall sales volume.
Closed listings were up 8.34% on March 2015 and pending listings also showed a year on year increase of 7.8%.
When we reviewed the GAAR stats for February last month, we noted that, while there was a 15.2% drop in active listings, there was an encouraging 12.29% increase in new listings. We therefore eagerly awaited the March figures to see if this trend continued.
While the number of active listings fell by 15.17% compared with March last year, the actual number of available homes showed a very slight overall increase on February, although it should be noted that we would expect seasonal variations to a least partially account for this. The good news, however, is that the overall supply hasn’t dropped any more.
Our attention therefore quickly moved to the figures for new listings in March and, while not as encouraging as February in percentage terms, the 4.43% year on year increase again points to an increasing number of sellers recognizing the outstanding opportunities and buyer sentiment facing them right now.
However one looks at it, we still have very low inventory of available homes for sale in the area and, combined with low home loan interest rates, this should be irresistible for any on the fence sellers.
Why not call us today and explore all your options.