January 2019 Albuquerque Housing Market Update

Albuquerque Real Estate Market Update for January 2019
Feb 11 2019
0:00 Hi Tego Venturi here with the Venturi Realty Group of Keller Williams Realty with Market data for January as the says Albuquerque real estate market trends I’ve got a broken down by Price here so let’s just run and jump right into it I do want to tell you at the end here I’m going to show some data that we don’t normally look at so something kind of unique for consumers and for real estate agents you may not even know what did what these numbers are so it’s a good one to know so let’s let’s take a look here we’re actually right on our website all of this is right on their website so let’s just start here.0:36And we’re going to look at we’re looking at clothes sales right now we’ve got a broken down by price ranges under 2 2 2 4 4 2 6 and 6 and above that’s a different color sheer blue yellow red and green so if you can see closed sales at above 600 is is slow so it’s it’s almost double the previous year we went from 13 to 25.1:05So really big increase are in. Luxury Market however overall it’s it’s pretty much flat it’s even it hasn’t been a whole lot of change really no change from January last year January this year we had a decrease in that under 200 which is no surprise because the supply is much tighter they’re good increase in that middle to do for range and about flat in that 4 to 6 range so let’s jump to the actual number of homes for sales cuz this tells the picture of of the whole you know Supply vs demand thing and you can see it was slower in that 200 and under and it’s down.1:4930% the number of homes on the market in that price range overall were down almost 18% what is that about six hundred or so homes less this year than last year so we do have Thai Supply right now in our Market especially in those lower price ranges let’s look at 1 supply of inventory in this is a number that really gauges Supply vs demand so right now overall were at 2.4 month supply which is which is low.2:24Generally we say you don’t five six months is a balanced Market you know it’s kind of kind of Eve.2:31And I don’t know if I buy that but that’s that’s kind of what I said in the real estate world and as you can see in this lower price range 200 neunder 1.7 month supply right now is very tight you know just about you know all the homes are turning over relatively quickly however.2:50Going to show you a stat here later that the talks about you know not every home sell so we’re going to we’re going to talk about that.2:59In the middle range right around 3 month supply 4 to 6 where at this what is a 4-month supply and then you get up in the real luxury Market 600 and there’s still a lot to choose from which is kind of interesting because if you’re down here you are in a seller’s market and if you’re up here you’re kind of in a buyer’s market so you know it really depends on the price range this is only talking about prices now.3:26Part of town makes a big difference as well to so you know a $500,000 house in the Northeast Heights it’s going to be a little bit different supply-demand then at $500,000 house in let’s let’s just say to watch that for example okay so that that’s a good a good thing couple other.3:45Just pieces of data we look at the clothes sale and you realize you can see we’ve had a 7% 17 to 18 18 to 19 4% increase in the number of home selling so that continues to go up.3:59Price appreciation is is a difficult thing to track however we can look at average price per square foot and how much of that has changed and in I have found at that does not normally track with home price indexes so a percentage wise so if we look at overall 17 to 18 for purse 4.6% increase in the price per square foot to 114 last year.4:27Previous year is this is actually 12 month rolling is what this says we’re looking at and so in this case we’re looking at February through January sell 5.3 month 5.3% increase price per square foot you can see in the higher price at its move very well in this middle-range not quite so much and in lower range it’s moved quite a bit 6% change in price per square foot in this is not pricey preciation but it gives you a basic idea of kind of where things are going and in this case we’re trending in in appreciating.5:04Well it’s appreciate it is what it looks like okay the other piece of data I was going to share I got to get to the right screen here this this one’s interesting I got to move myself so we can see this okay so what we’re looking at here is the number of homes that expire each month this is two years and you can see it’s December obviously December is always the busiest month for expired usually on December 31st it’s a bunch of homes it expire out of the MLS and that’s what this means he’s our homes that were listed for sale they had a listing agreement with some sort of time frame on it which which they always do.5:48Expired meaning of the home did not sell now they may have come back on the market they may have nots come back on the market for just gives me an idea and if we look at this compared to the actual number of homes for sale you can see it’s not an insignificant amount it can be anywhere from 6% and lower months homes expire up to 20% in that December month one thing we did we have seen though which which is kind of interesting in Eminem.6:19Bear with me really look at this if we look at January.6:25January pretty big increase in the number of expired this year vs last year.6:33I can’t tell you why I would expect you late that it has to do with the number of homes in the market Tyler inventory.6:43Some homes coming on the market probably.6:46There’s four five reasons homes don’t sell obviously number one is price you know the seller wants to get a price that they they want to go.6:56They’re not happy with that date they may take it off to let it let expire could be the condition of the home the vocation that have to do with the marketing in the way the home is being marketed to the community so what a different things to to look at when you say OK wide into home sell but the interesting stat wanted to share that.7:17I could just keep going but I won’t lose pretty long video already if we can help you with any of your real estate needs were Venturi Realty Group Keller Williams Realty we’re at 448 8888.