It’s a little early to pull real estate sales stats for the month of March, but as an Albuquerque Real Estate agent who likes to keep his finger on the pulse of the market, I am anxious to understand what went on last month. The truth is that I always pull the stats on the first of the month, but I usually don’t share them until later, once the dust has had a chance to settle.
Here are the preliminary stats for the month on March 2011:
|Total Sales||Foreclosures||%||Short Sales||%|
Read across the table from left to right to see the stats for the month of March in 2010 or March 2011.
To compare the two years you need to read from top to bottom.
Albuquerque Real Estate Sales were Down
Using the table above you can see that total sales were down 25% from last March. While that is significant it’s not cause for excessive alarm. If you think back to last March, you’ll remember that sales were heating up as the end of the first time home buyer tax credit was drawing near. So the sales numbers from last year were artificially stimulated and inflated.
Albuquerque Foreclosure Sales were Up
Even though the total number of sales were down 25%, the number of Albuquerque foreclosures was up from 92 to 132. That’s a 13% increase, and that’s significant.
Albuquerque Short Sales were Flat
Surprisingly, at least to some, the number of Albuquerque short sales stayed exactly the same from March of 2010 to March of 2011. Only 7% of the sales in both years were short sales.
What does this mean to buyers and sellers of Albuquerque Real Estate? It means that any kind of sudden market turnaround is not going to happen when so many of the sales are foreclosure sales, and although the total number of sales reported is going to be way down, it’s not cause for panic.
Based on information from the Greater Albuquerque Association of Realtors obtained on 04/02/2011 for the period March1 through March 31, 2011.