April 2021 Albuquerque Real Estate Market update

April 2021 Albuquerque Real Estate Market update

(Transcript Snippet): “Tracy: So Tego tell us a little bit, I know you just did a market update for 2021. I’m curious, 2021. So, the median price.

Tego:

Okay. I got, I got rapid fire for you. You’re going to love this. You’re going to love this rapid fire. Okay. April, 2021. Here’s the rundown. You can also look for my video that I just did on this. It’s on my Facebook and on our YouTube, but for April average sale price, 314,787, basically 315,000 average sale price. That’s up 12% in the last 12 months. Okay. That’s March through April medium sale price, $273,000. I remember when it went over 200, not that long ago. Wow. That was a big milestone, right? Medium sale prices now to 173,500. That’s up 13% over the last

Tracy:

12 months. And tell us what median is.

Tego:

Median is,uthe, the number between all the lower price homes you take. Let me, let me rephrase it. I think people remember this from,ufor math, but a median is the middle between all the higher and all the lower.

Tracy:

It’s not like the middle price. Like it’s not like if the lower was to 500 in the upper was a million, it wouldn’t be 750. It’s the number of homes equal, lower than that number and the number of homes higher than that number. Correct. So I think that was about seventh grade

Tego:

I think we just confused everybody. But anyway, so anyway median of 12, yeah, it’s upstairs essentially averages up substantially. And again, those move up also. Not, not just because prices go up, but also because less lower priced homes are selling more higher price homes or something. Right. Let’s keep going. Rapid fire. Hey, you interrupted average price per square foot up to $160. Tracy. Remember when things were just getting over a hundred per square foot, we’re like going, wow.

Tracy:

I remember when a lot of my searches I would set up for my home buyers. I would put in a price per square foot of like 80 to 100 per square foot. And I would have a ton of houses too.

Tego:

Yeah, yeah. That was back in, you know, 10, 11 up 11%, the average price per square foot over the last 12 months. And that’s that’s probably a really good indicator of overall price appreciation that number Eddie said earlier about Rio Rancho up 18% that that had to do with same month, right. April versus April. Right. So, you know, if you look at that, it’s a little different than taking the whole rolling 12 months. So number of homes on the market down below 700 in the first time ever again, all in 1930,

Tracy:

There was less than 700 on the market, but we’re talking about since we’ve been keeping track and like the last 30 years or so,

Tego:

Well, actually that’s back to 2003 is the data I have. But even before that, almost 20 years. Yeah, exactly. Pending sale for, for April, that’s a number of homes going under contract. Again, this whole idea that what we have no homes to sell. No, we have homes to sell. We had the, the second highest number of pending sales, again, back to 2003, the only month that it was higher was June of last year.

Tracy:

Yeah. People. Yeah. It was the March and April people.

Tego:

Well, so this whole idea that there’s, well, there’s no homes to buy. Well, there’s plenty of homes to buy because we had a record pending month annualized close sale. I don’t do the monthly cause annualized gives you a better idea, but the number of closed sales, if you look at an a 12 month rolling up 8.4%,

Tracy:

Again, that we have the inventory, it’s just selling really fast.

Tego:

And this is shaping up to be a record year right now, if you look at it, just the pace, the 12 month rolling we’re ahead of April, 2006, which was the peak back then, we’re ahead of that. Now. average days on market, that’s another good indicator of just, you know, supply demand you know, what’s going on out there, we’re down to 15 days, average three days, median on days on markets,

Tracy:

Half of the houses are selling in three days, going pending sounds. Yes,

Tego:

Exactly. Half are selling in three days. Exactly, exactly. And months supply, which is a supply demand ratio. You know, we look at that to kind of get a gauge for, is it a seller’s market buyer’s market? You know, traditionally we said five, maybe six, maybe four months supply is kind of a balanced market, not, not a advantage buyer advantage seller, if you will. Right now, we’re at a half a month, 15 days. So, you know, clearly we’re very, very tight, tight supply homes are selling super fast. I think the question is, is there any relief coming? And when I say relief, I’m talking about homes coming on the market at this point, there’s no indication of it

Tracy:

There isn’t. We do know that there are many people right now who may be, we’re going to sell last year that are getting ready to put their home on the market this year. So we, we hope that that will happen, that they feel comfortable doing that. And we know there are a lot of new neighborhoods coming from builders around the area. A lot of new neighborhoods being announced right now by Twilight Hakes Dr. Horton Pulte Abrazo. So yeah, if people are thinking

Tego:

Of selling, I mean, this is what we do, right? Tracy is so much to get ahold of us, talk about getting their home on the market, getting the most money and most convenient sale for them. How do they get ahold of us?

Tracy:

Sure. The best way is to give us a ring four, four eight, eight, eight, eight, eight, I guess we need the five Oh five now five Oh five, four four, eight 88 88. And we will set you up with one of our best home selling partners here on our team who can do a free market analysis for you, talk to you about the market, how your home might compete in the market and what the process might be. And then you can kind of make a decision from there. If it’s the right time,

Tego:

Like you say, in the ad that we have running here in the Kiva is, you know, just cause the market is hot. Obviously you don’t want to leave money on the table, right? You want to get the most for your money. You know, you still need the premium marketing. You still need to make sure that your home is merchandised. Looks great. Get you those multiple offers. Get you an offer that, that really put some money in your pocket.