“How’s the market?”
That’s the question we Realtors get asked just about everywhere we go. Since real estate stats lag behind market conditions we respond by saying things like “the market is hot” or “things seem kind of slow.”
Indeed, real estate stats lag behind market conditions by at least 30 to 45 days since most home sales take that long to close. That’s why our answers can sometimes seem vague.
It’s only looking back where we can really see what was going on in the market.
Here’s a brief look at 2013 sales so far this year (these numbers are for the city of Albuquerque only).
Total Home Sales
The chart below compares home sales in 2013 to home sales in 2012 by month. The bars in blue represent last year’s sales, the bars in red represent homes sold in 2013.
As you can see, for the first nine months of the year, home sales in 2013 were up over every month in 2012. In fact, sales in April, May, June and July outpaced last year’s sales considerably, sometimes up by as much as 25%. The market was hot indeed.
That pattern was broken in October, however, when 2012 sales slightly edged out 2013 sales. October 2012 sales were unusually high though, and what we’re seeing so far in 2013 reflects a more normal market where sales decline in as the holidays draw near.
Median Sales Price
Sales prices reflect basically the same pattern, although not as neatly.
I think it’s interesting that the median sales price peaked strongly in July, about two months after sales peaked. That demonstrates the lag time in real estate reporting.
A Look Ahead
2014 promises to be the best year in real estate since 2007. Increasing demand for homes, declining foreclosure and short sales and low interest rates could combine to from the perfect storm in real estate.
Only time will tell. One thing is sure. I’ll be watching.
by Rich Cederberg, Albuquerque real estate agent, eXp Realty. Call me at (505) 803-5012.
These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 11/12/2013. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.