This month we look at the seasonal home sales patterns and prices.
Full Transcription:
It is October 21 and Balloon Fiesta is on. But I want to look at some real estate data. Yay! For the Albuquerque area.
You know, we just got our September data and I wanted to dig into it. But this time, this month, what I want to do. You know, I’ve been doing this for a while, but this month, I want to look at some history and kind of pull together what we’re seeing and where we’re where I kind of see things going. So let’s jump in to this and click the button. Here we go.
All right. If I want one thing that I think is interesting, you know, is this whole days on the market thing right now, we’re looking at average days on market is down to 12.
And by the way, this data, just so we know we’re looking at this data, represents the Albuquerque MSA, which is the three counties, and it’s all just single-family, either detached or attached properties, average days.
Our market is down to 12 median days on market. It’s been down here. It’s even lower. It was three back in May, June. But median meaning, you know, half of those homes are selling right now in four days or less for September. But let’s jump to really the big story, which is the months supply.
So month supply is a really, really great gauge to judge kind of where we are from supply versus demand, as we know. Supply has been very limited. We know demand has been very strong, which, of course, has driven home prices up substantially in the last couple of years.
If we look go back and look at this, though, I want to go back to right somewhere in here, right toward the end of 2012 is when home prices started to climb back again.
In fact, let me just show you that to put some perspective on this. If we look at price per square foot, home prices bottomed out somewhere, you know, after the Great Recession and the housing crisis. Home prices went down, down, down until about 2012, let’s say.
And since then, we’ve been on this very nice, gradual increase. And we’re looking at price per square foot here, which is a great indicator of price move. But of course, now what we’ve seen since the beginning of 2020. Home prices just have gone through the roof.
Really. I mean, it they have just really accelerated.
And we’ve seen let’s see.
So September this year versus September last year, we’ve seen almost a 19 percent increase in the price per square foot. There’s some data out there that suggest that home prices in the Albuquerque area have appreciated anywhere from 15 to probably right around this 20 percent.
And of course, it depends on neighborhood. It depends on the price range. A lower price of homes are definitely moving faster than the higher priced homes and it’s moving faster. But also home prices are moving faster and those lower prices pending sales have stayed very strong.
We had a very strong month again in September, up five percent versus September last year, which was right here, which was still very strong,
versus September in 2019.
And so September 2019.
And if you go back, you’ll see, you know, year over year, all the way back to 2011, we’ve had an increase in the number of homes going under contract, which mean turned into closed sales.
You’ll see a very strong seasonal trend here where the months of March,
April, May. March, April, May. March, April, May. March, April, May.
July in this case in 2019 are always the strongest month.
And and you’re you’re slower months are, you know, December, January,
generally, November, December, January.
So very, very consistent with that.
Of course, 2020 threw a wrench into a lot of things, including the home sales. So we definitely had a big pause in March, April and of last year. But of course, we came roaring back.
You know, we had our ginner, normal seasonal slow down last year, although you can see it was still stronger than years previous.
And then, of course, this year has been very strong. Little bit of I don’t know why June kind of pulled back, but we’ll see that July, August, September have been very strong.
So, you know, these national stories that you hear about the housing market slowing down. Well, that’s not happening here, at least not now.
Now we’re getting some seasonal slowdown. But, you know, you can look at this data and see it hasn’t slowed down that much. Let’s look at
the actual prices from an average price standpoint.
These are close average price. We did peak out in July of this year at three hundred and thirty seven thousand. Had a little bit of pullback here in the last few months. Not unusual. Again, if you look at these seasonal trends peaks out in June, July, peaks out June, June.
These were all June, so.
Yeah. I mean, what I wanted to really point out, this video is that we do have some seasonal trends. We do have some ebb and flow in the market. And I suspect going into this month, October and into November, we’ll see less homes in the market. Homes will start coming out of the market. I do suspect home prices will flatten a little bit. I don’t think people can continue to keep pushing that home price, another one – two percent each month. It doesn’t look like the market supports that, but that’s just the data, right.
You know, you have to look at each home individually. You have to look at what the competition is in the neighborhood when you are pricing a home.
So take that into account as well.
So a lot of data here. If you want more data, you can visit our website at Welcome Home. I have a whole bunch of charts and graphs and all kinds of good stuff there. If you want to check that out and if you have any questions about the real estate market, just reach out to me.
Send us a message through my website. Again, welcomehomeabq.com, Tego Venturi, Keller Williams Realty, and Venturi Realty Group.
If you want to dig into more Albuquerque Area housing data you can see more on our site.
> 3 Yr Trends. Monthly and Annually: https://welcomehomeabq.com/albuquerque-real-estate-trends-2/
> Long Term Trends: https://welcomehomeabq.com/albuquerque-real-estate-market-trends/
> Real-Time (Active Inventory) Trends: https://welcomehomeabq.com/albuquerque-msa-real-estate-market-conditions/