I recently read a study done by Nerdwallet titled “Why January Is the Best Time to Buy a Home”. The study found that nationally home prices were 8.45% lower in January and February than in June, July, and August. I wanted to see how this compared to the Albuquerque Real Estate Market since our winter weather is so mild compared to many parts of the country. I have looked at this data in the past however never as thoroughly as I did this time. So… what do the numbers show? On average, Homes in the Greater Albuquerque Area that closed in January, February, and March sold for 4.1% less than homes sold in June, July and August. This suggests that a $200,000 home bought in February would be $208,000 in July. I am not a big fan of trying to time the market and base your home buying decision on this, move when the time is right for you. It’s just interesting data to be aware of. The 2017 housing market in Albuquerque is looking strong. The number of homes on the market for sale is at a historically low number and strong buyer demand are sure to push up prices going into the summer. Not going to say “Buy Now Before It’s Too Late!”, however I will say… the data suggests buying in the Winter will save you vs. buying in the Summer.
The chart below shows the Average Sale Price per Square Foot for Albuquerque. You can see the seasonal ebb and flow. Generally the avg price per square foot % changes tracks with the Home Price Index.