The numbers are in: Albuquerque’s July Preliminary Data
(Transcript Snippet): “Tracy:
You’ve got some data I’m dying to get to
Yeah, I, to talk about, so yeah, so you’ve heard here first is this is July preliminary data. Obviously we haven’t finished the month yet, or we’re just finishing the month. So it’s very preliminary, but, but a couple of things that, you know, I took out of it is total number of homes on the market is down 18% from last year. And of course, last year in July, we, we saw a very big steep decline in the number of homes on the market. And obviously may June into July of last year. So we’re even down lower than that right now, the number of homes coming on the market is equal with last year, because what happened, Tracy, as you know, we had that obviously may June where people just stop putting homes into market July last year, they started to come back in. People were getting comfortable with it. And this year, you know, it’s kind of equal to that, but we’re not seeing a huge influx of number of homes on the market, which we could definitely right
There, we’ve increased, but now we’re selling them again at the same rate they’re coming on the market. So we’re staying in that thousand range versus 700.
And to put that in perspective for folks, if you think about, okay, they’re about a thousand homes for sale in the greater Albuquerque area, we could have four or five, 6,000 homes on the market and still be in what’s considered a balanced market. Yeah, yeah. So, so know that’s just how far behind we are on homes. And we’d have to get to that quote balanced market before
We see prices balance out.
Before we start to see price declines, I want to be careful with that, but really it would take a huge buildup in the number of homes in the market and to turn to a buyer’s market. It’s, we’ve got a long way to go before we get there. So so the stats and the number of number of homes under contract, these are pending sales up 10% so far this month from, and again, we’re talking about July versus July last year, July last year was a booming month for pending sales. It was the second highest number of pending sales ever in our market next to June of last year. So June of last year was the number one ever July was the second most. And now this month looks like it’s going to be the third most. Well, it’ll, it’s, it’s going to be a big month. So the buyers are still out there. There’s no doubt about it. Right? Right.
Well, we know that when we talk to our lenders and just all of our agents, they’ve got buyers, they’re waiting for the right home to come on market or they’re making offers on homes and so are other people. So they’re still looking for houses.