The Stats are in: Albuquerque’s September Real Estate Market Data

The Stats are in: Albuquerque’s September Real Estate Market Data

(Transcript Snippet): “Tego:

Uh, we we’ve got the first look at some of the September data and September. Um, the, the short of it is, is, was very strong home sales month in Albuquerque. Our pending sales were actually above, um, September, 2020, which is, which was a, you know, obviously last year was a big year, especially, especially late in the year. Last year was very strong. Um, the thing that’s going to be interesting though, and when you actually look at close sales, it’s actually going to show that it was negative versus last year 2020, but comparing any market data to things, especially in late 2020 is a bad idea because we had that, you know, basically pause March, April, and let’s say into may. And then after that, you know, all that pent up demand just kind of took off. So everything got pushed from, you know, middle year to the end of the year.

Tego:

So be careful when you see those headlines that say home sales decrease versus last year for September. Well, yeah, that’s no surprise, right? Um, a couple of other things, you know, home prices continue to go, uh, go up, um, you know, pretty, pretty much what we expected, um, price per square foot pulled back slightly from last month, but it’s still, you know, very, very much ahead of, of what we seen in years past. If you look at the 12 month average price per square foot, it’s increased about 16% over, over the year. So, you know, home prices continue to increase. And, uh, the number of homes on the market’s still very, very slim compared to the type of demand that’s out there. You know, supply demand ratios are very tight, so that’s just a real quick kind of summary of our market. And, um, and right now we don’t see any, anything that’s going to suddenly, you know, bring this flood of homes onto the market. And we’re not going to get into the four, four Barron’s foreclosure thing. Not, not this time, you know, I’ve been following it very closely and I’ll just say it doesn’t look like we’re going to get this big flood of home.