No April Fools Joke here… One of the first things I do at the beginning of every month is look at the previous month’s market data and today found a very interesting statistic. The number Pending home sales in March hit an all time high for a single month (historic data is back to 2003). The next closest is July 2005. As of today April 1st (there will be a few more over the next few days) 1514 homes went into pending in March 2017. That is a 25.6% increase over the 1205 in March of 16. The most dramatic change is in the $250,000 to $350,000 price range, with a 37.5% increase in pendings over last year.
So what does this mean? It means we have a healthy real estate market which in turn helps our entire local economy. A National Association of Realtors Study shows that for every median priced home sale the Total income derived from a home sale is $53,605. This is not just the people related to the sale like the Realtor, Lender, Inspectors, Title Agent, etc… it’s the furniture stores, restaurants, hotels, and also impacts new home construction. Tego.
For this week…
- Buyer Wants. Buyers waiting for the right home in certain areas. We list them.
- Hot or Not. What areas and price ranges are advantage Sellers, and what areas are Advantage Buyers. See the Albuquerque area supply vs. demand charts.
“Homes below median are in much higher demand and in some case the MSI is half of the higher priced homes (for example, area 100 North Valley is about 2.5 for under $265k and 12 months for over is $485k). Hot areas (Low MSI) 21, 30, 32, 40, 41, 50, 51, 92, 102, 121, 140, 150. Not so hot (Higer MSI) 31, 80, 103, 130, 180.
Areas List… http://welcomehomeabq.com/albuquerque-mls-areas-map/
- In the News. January home sales strong. http://rismedia.com/2017/02/22/existing-home-sales-begin-2017-bang/
- NAR Buyer and Seller Surveys. https://drive.google.com/open?id=0B1AUMysOe4uROFdvZjRvTURFVms
- Homes of the Week. http://search.welcomehomeabq.com/idx/results/homes?idxID=b038&pt=1&fl=y&per=50&srt=newest
- Affordability compare to other States. https://www.nar.realtor/topics/realtors-affordability-distribution-curve-and-score
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