Stats: What’s going on in the Real Estate Market in Albuquerque

by | Jun 23, 2021 | Albuquerque Real Estate Talk | 0 comments

Stats: What’s going on in the Real Estate Market in Albuquerque

(Transcript Snippet): “Tego:

Tracy, I wanted to start off with just, just the pulse on what’s going on in real estate market here in Albuquerque. If, if you’ve been listening, you know, we’ve been talking about how kind of, I know that the, the, the term everybody’s using is how crazy the real estate market is in Albuquerque and it’s, and it’s everywhere. It’s not just Albuquerque is an entire country. And just to kind of give a feel and, and then we’re going to talk about this whole buyer fatigue kind of thing. Tracy, you did a video that, that we’re, we’re sending out just talking to buyers about, okay, it’s hard, it’s difficult. However, it’s worth it. It’s worth it. And let’s, and we’re going to go through the reason why it’s worth it and, and, and really helping buyers discover their why on home ownership. So, but first off, just some stats.

Tracy:

I know Stat-O-Matic, you know, some of the things you’ve been teaching us in our team and posting for the public has been pretty eye-opening and stats. You don’t see in the headlines anywhere. Right? Well,

Tego:

And I, I, it’s easy to come up with average sale price. Number of homes sold all of that. That’s fine. And that’s great. And it shows us some, some good information, but it doesn’t get to kind of the core of, of what a buyer should be thinking about when they’re putting together an offer, what a sellers should be thinking about when they’re getting ready to put their home on the market and price it. And all of that, a couple, but I’ll start with just some big, big stats. Just what I did is went back and looked at the last 30 days, of course, in comparing it to last year, same period, which was a weird time

Tracy:

We were shut down last year, we did not do anything. We didn’t even go to the store, correct stores. We had limited hours and limited availability. So we were figuring out how to show houses last June, but this is may. Yeah. And

Tego:

What happened? You know, this, this time, last year, this is last half of may. First half of June is what I’m comparing. Right? the number of homes for sale is down, even from that period. And that’s when it just fell off the cliff. Right? Right. But the number of homes on the market, so we’re down 28% of homes on the market versus last year, same time list, excuse me, not list price. Average sale price. Average is up 25% versus last year average sale price. At least this, this little less 30 days, snapshot is now $323,000 per Albuquerque

Tracy:

Average sales price. So what we know that is affected by that there just aren’t lower priced homes for sale. It doesn’t mean that house, that last year was priced at a certain number is now worth 25% more. Yeah. Just as the average of everything that has sold,

Tego:

Just to put a bow on that, you know what we’re seeing in, you have to take all of these, you, and kind of come up with a number as is average price appreciation. And Albuquerque is somewhere in this 14 to 17% range in the last year. That’s annualized. And, and so, yeah, we’re seeing some pretty big bump up in, in home prices. And that’s when you’re talking about the exact same home a year later, what it would sell for versus this when we’re just talking averages. Right. Right. So, so just some stats there, a, you know, a number of homes sold up substantially versus last year. That’s not going to be a surprise. We’re going to see a big change in comparing June of last year to this year, when we get this the stats, obviously because of June of last year, it was just that, you know, everything stopped. It

Tracy:

Was pretty dismal because June of last year’s home closings where the homes that typically go pending in April and may correct and close in June. And we know April and may life was tenuous at that point.

Tego:

So I had pulled this stat before and I pulled, pulled it again today. And it was okay of all the homes that are selling, how many of them are selling for over list, price below list price. You know, we’ll get a stat that says on the average, the number of homes that sold were, you know, 102% of list price, right. Which is still high. What I looked at is over the thousand and 34 homes that have closed in the last 30 days here in the Albuquerque market, 660 of them sold for over the listing price

Tracy:

Percentage wise that 64% of the closings closed for above list price,

Tego:

21% or 220 of them sold Atlas price. So basically what we’re seeing here is 75% of all the homes that have closed in the last

Tracy:

It’s really 85%, 64 plus 21, 80 5% of the homes sold. I can math. I come out yeah. 85%,

Tego:

85% of the homes sold for a list price or above only 15% were below list price, which is interesting when you think about, okay, we talk about how crazy the market is. There’s still homes that are selling, you know, discounted off of list price. Right. Which is interesting either means like, what do I mean, why do you think that is, they

Tracy:

Were priced too high for the condition location presentation. Yeah, yeah, yeah. We’re still seeing that we’re seeing houses actually. I’m sure you’ve run the stat recently, but we’ve seen properties that are coming on the market and not selling and within two weeks their price, we do sing. Yep. So, you know, and then when they go pending, it’s just showing whether they sold that list price or not. Right.

Tego:

The one thing just, and just to wrap up the conversation of, you know, kind of this, the mid month state of the real estate market in Albuquerque, a number of homes on the market has started to creep up slightly. This is, you know, we, we use the term inventory number, but it’s creeped up sleep slightly. We were down to about 700 homes for sale in the Albuquerque area, or closer to 950 right now, now that, and, and, well, go ahead and say what you’re going to say. Cause I wanna, I wanna

Tracy:

Houses more houses are also selling, so they’re coming up the market faster, but yes, we don’t have as many as we need for

Tego:

Sure. Sure. Yeah. We’re about 4,000.

Tracy:

We could use another 4,000. If you’re thinking of selling, give us a call. We could use another four, 4,000 houses on the market to take care of the buyers waiting.

Tego:

Yep. It’s you know, great time for, for a home seller. Little frustrating for buyers and Tracy. That’s what we want to go into next.