January 2021 Albuquerque Real Estate Market Update

January 2021 Albuquerque Real Estate Market Update

It’s time for the January 2021 #Albuquerque Real estate Market Update. A couple of Highlights…

👉 Jan 21 Closed Sales up 13.5%

👉 127.8% increase in closed sales over $600k

👉 64% fewer homes for sale vs 2020.

👉 The Average Sale Price is was $288k in Jan. This is 17.3% higher than last year.

👉 The Average Price per square foot is $150.00. This is an ALL-TIME HIGH.

All charts can be seen here… https://welcomehomeabq.com/albuquerque-real-estate-trends-2/

(00:00):

There has been so much going on in the real estate market in the entire country, but let’s look at Albuquerque. That’s where I am. That’s probably where you are. Maybe you’re in some other part of the country and are curious what’s going on with the real estate market in Albuquerque? Well, I’ve got the data for you. We’re going to look at January then we’re going to look at the entire year. We’re going to look at the chart, which I’d love to do. I love to look at charts.  

So I’m actually on my website at welcomehomeabq.com or i should say our website at welcomehomeabq.com. If you come to the tab over here that says market and market data. That’s the page we’re on here right now and and what I have is two different charts.

(00:49):

I have this section, let me scroll this down a little, this section that is the monthly data with the most recent month. And then if we just keep scrolling, I’ve got the annualized data. So that’s a rolling 12 months of market data. So in this case, it’s going to be February through January of 21. So let’s look at just a couple of things, your average price per square foot. I started here, you got these tabs over here, so you can scroll through them. We saw a 13.6% increase in average price per square foot for homes that sold this January versus January of 20. And

(01:30):

You can kind of see, this is different price ranges, the 200 under 202 to four, four to six and six and above. It’s interesting. There was a little bit of a move down in that higher price point, but that’s not unusual, especially because we don’t have as many sales in that area. Although that higher-End market is on fire. Let’s take a look at that. Close sales again, we’re looking at just January overall, there was a 13% or 13 and a half percent increase in the number of closed sales January this year versus last year. But look at this one. I don’t know if you can see that it’s pretty small, but it’s 127% increase in homes over $600,000 right there that sold January of this year versus last year. So definitely a big move up to the bigger homes what’s happened though, is the homes under 200, the more entry-level homes in Albuquerque. They’re just not as many of them. And it’s very competitive. So what’s happened is the number of those sales has gone down, not surprising based on what we’ve been seeing for the last year. The number of homes for sale is that’s kind of the big story is we have very little supply meaning number of homes on the market versus the demand.

(02:51):

And so the number of homes in the market, this is showing compared to last year, 64% decrease. The thing that’s crazy about that you think about that. Okay. The number of homes for sale is down 64, 4%, but the number of closed sales is up 13%. And the reason for that is we’ve got this. Where is it here? Average days or median days. Let’s look at median days. Median days on market homes are selling very fast. Median days on market for January was six, six days. That’s across all price ranges under that 200 was five days. Basically that means it was on the market for one day and days on market is from when it goes active in the MLS until you receive a, it goes under contract. And sometimes there’s a couple of days of negotiating in there too, especially when you’re receiving multiple offers.

(03:44):

So it takes a little more time for sellers to look through all those offers and make a decision. So that, one’s interesting. Let’s say I showed you price. I want to jump down to, I know there’s so much here, so you can always come back and look if you want to poke around. But I want to look at some of these annualized numbers. So we’d looked at price per square foot on the monthly, but if we look at price per square foot annualized, it was a 9.2% increase February through January in that’s going to be pretty close to what our price appreciation has been over the last 12 months. That’s a little better indicator than the average price or the median price for, for, for change. The thing that’s interesting, or probably not interesting, it’s not even surprising is that the lower price points, 10.5% increase price per square foot hotter part of the market.

(04:41):

The higher end though that 600 and above not quite, but there was appreciation or at least appreciation or increase in price per square foot. It’s always really hard to kind of judge pressure or price appreciation because you’re not really comparing the exact home that would have selled would sell a year later, you know, but it gives you a pretty good idea of the price movement. Needless to say, home prices are going up. Average price over the last year is up 10% and a 10 and a half percent. And median price is up 11%. If we just go back to what the average of sale prices today, we’re now 288,000 is our average sale price for Albuquerque that’s for January. And that is if I’m not mistaken, that is an all time high. So very strong real estate market, very strong seller’s market, for sure.

(05:42):

Pretty difficult for buyers. I will say that we do have a lot of folks that are looking for homes. They’re looking for that home to come on the market to be theirs. Interest rates are still strong. Let me rephrase that interest rates are still very low and puts you in a good position as a buyer because it just, the affordability is still very good. Even with that 10% increase in home prices, all indications are that interest rates are going to stay relatively stable in this 3% range for a while. All the experts are predicting that. So you need anything real estate wise is obviously that’s what we do. We’re Venturi Realty group with the Keller Williams Realty and Albuquerque and the surrounding area. We’re the number one real estate team in the Albuquerque area. And I only say that because we have a lot of experience and there’s so much going on in our markets. So fast things are moving at this crazy pace. That experience does matter when you’re choosing a real estate agent, especially in this market.