National Home-ownership Month: Surprising stats in the Albuquerque Housing Market
(Transcript Snippet): “Tego: Great. Couple of things that are really telling about what’s going on in the market. We just heard Eddie story about going to a house in cars, lined up around the cul-de-sac that that’s pretty commonplace right now in, in the market. I pulled out a couple of stats just to give you an idea of some things that are going on in May, 2021. We had our list price to sell price ratio was 101%. Okay. That’s a pretty normal, you know, stat that we look at that list to sell price ratio and you know, customer, I mean, it dropped as low as 95% something back, you know, when the market was really down, but, you know, traditionally is somewhere around 97, 98%, right there, a little bit of discount off of list normally. Well, we’re at 101% in may, but it doesn’t tell the whole story.
Tego: And so what I did is I went into the MLS extrapolated, a bunch of data and found that of all the homes that closed in may, which means these are homes that probably pended sometime in March, April, let’s say late March and April 50% of them sold for over list price. That is unheard of. It is unheard of. And that, that is very telling about what’s going on in our market. And then, so Tracy, let me ask you this because, so I’m sure some of you are going well, how, why don’t you just list them for more? Why are they, you know, why aren’t you just listing them at a higher price since they’re going to sell for a higher price? Well, why, why don’t we,
Tracy: Well, we could try, right. But what we have found is if we price them for the real market, people do pay more typically, but we don’t
Tego: Price it for the real market. What does that
Tracy: Mean? I mean, we’re looking at historical data, right? We’re looking at most recent sales in the area and saying, okay, a month ago, this house nearby was similar. It’s sold for X. So we’re pricing it based on what is showing up. But when we price them over that we have seen over and over again, even in the last two months, right. Tego that the houses that we start to high end up getting price reductions. And I bet you have a stat for that.
Tracy & Tego Venturi
Venturi Realty Group
1119 Alameda Blvd NW
Albuquerque, NM 87114