The stats are in: August’s home sale status in Albuquerque

by | Sep 10, 2021 | Albuquerque Real Estate Talk | 0 comments

The stats are in: August’s home sale status in Albuquerque

(Transcript Snippet): “Tracy:

I know it’s now September Tego, changing gears.

Tego:

Well, you know, you know, um,

Tego:

You know, when we get to the beginning of every month, I’m always going back. Cause that’s when we get the, the, the newest data on what happened in our market for the previous month. So, you know, obviously a couple of days ago, uh, I started looking out, you know, what’s what happened in Albuquerque for August and couple, a couple of things that really jumped out at me. Tracy was, um, well, first off, let me warn everybody. You’re going to get the headlines saying that the market, um, average prices down from July. Right? Cause it, it, it did, it, it ticks down a little bit. It went from, you know, 3 30, 5 to three 30 or 3 27. Right. And so, um, or you’re going to hear a home sales or are down, um, versus, uh, last year, right? Because well, last year in August was just off the hook. Right? And, and so if you look at the closed sales, it’s actually down from last year, but again, we’re con don’t compare anything to 2020,

Tego:

Right?

Tracy:

Well, 2020, when you look at closed sales for April, may, June, you know, way down, because come March, we didn’t even show houses for a month, right? We didn’t have any protocol in place to even show a house. So when August was here, it was off the charts, all those people that were waiting for COVID, uh, got out and bought houses. So the numbers are off.

Tego:

If you look at, if you compare August 21 to August 20, it’s down 5%. And the number of homes sold, there was still 1300, almost 1400 homes sold in the Albuquerque area. In August that closed the market is still very strong. If we look at pending sales for August, which is obviously these are homes that went under contract, and these are going to be future closings, 30, 45 days from now, it was actually at, it was the second August of 21 was the second highest number of pendings in history. The only other month that it was higher than that was in June of 20. And, and then also, I just want to address this price thing, where people are going to see something that says, oh, a sale average sale price slipped from July to August or median sale price slip from July or August, but let’s actually look at price per square foot. Right. And you know, I harp

Tracy:

On this all the time.

Tego:

Price per square foot is actually up because if you look at average and median, all you’re doing is saying that yeah, you know, more, less expensive homes sold than more expensive homes, right. Compared to the previous month, that’s all that’s looking at. Where if you look at actual price per square foot, it’s actually up from 1 67 in July to 170 per square foot and that’s heated square foot. And if you look at that annualized, we’ve seen a 15 and a half percent increase in price per square foot over the last 12 months compared to the previous 12 months before that. So, you know, that’s about where we’re running right now. Annually is somewhere in that 14, 15, 16% annual appreciation, which to be perfectly Frank, it’s not healthy. We can’t do this for a super long time, right? I mean, it’s great for homeowners. I mean the amount of equity that, that people have put in their pockets and put in their net worth over the last couple of years is extraordinary. If you’re a homeowner,

Tracy:

Right? And if you need to refinance, you know, now is still a great time and there’s a lot of great local lenders. We can help you out with.