June 2008 MLS Month in Review

Transcription

1 June 28 MLS Month in Review The Greater Albuquerque Real Estate Market continues to be strong. REALTORS put 1,769 homes under contract in the month of June. For our Market Area, sales are up 9.5% for Detached homes since last month. Median and Average Sales prices are up for Detached and Attached properties since last year at this time. The number of new listings is going down since last month. This may be telling us that the Market is finally leveling off. Contents New Listings 2 Listings Under Contract 3 Closed Sales 4 Closed Sales by Market Area 5 Closed Sales by Price 6 Median & Average Sales Price 7 Supply-Demand Ratio 8 Absorption Rate 9 Average Days on Market 1 Market Overview 11 Market Comparison 12 Homes sales in our Market Area have been increasing since January 28. Our top three selling areas, Area 5 (NE Heights), Area 92 (SW Heights) and Area 12 (Paradise West) continue to be the top selling areas for May and June. Most of the homes that are selling in our Market Area are between $2K and $25K. With FHA modernization the cap is about $271, and with the Average Sales price of $248,375 in Greater Albuquerque, we ll see more consumers use the FHA Product. NMFA Bond money continues to help first time homebuyers achieve Homeownership. The continued committment of Albuquerque Economic Development, local business, elected officials and REALTORS make the Greater Albuquerque Real Estate Market a stable investment. The quote of Real Estate is LOCAL certainly applies to Albuquerque. Cathy M. Olson, Chairman of the Board

2 New Listings New Listings - 3 Year Snapshot 2,755 2,381 1,878 Jun-6 Jun-7 Jun-8 DET property type This monthly snapshot of the Greater Albuquerque Metro Area shows a 3.9% decrease in new listings from 1,956 in May 28 to 1,878 in June28. The same area has seen a 31.8% decrease in new listings from 2,755 in June of 27 to 1,878 in June of 28. Greater Albuquerque Area Market Activity June 27 - June 28 Pending Closed New 3, 2,5 2, 1,5 1, 5 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 Jan-8 Feb-8 Mar-8 Apr-8 May-8 Jun-8

3 Listings Under Contract (Pending Sales) Pending Sales - 3 Year Snapshot 1,264 1, Jun-6 Jun-7 Jun-8 DET property type This monthly snapshot of the Greater Albuquerque Metro Area Activity shows a 1.4% decrease in Listings Under Contract from 869 in May 28 to 857 in June 28. The area has seen a 22.7% decrease in Listings Under Contract from 1,18 in June 27 to 857 in June 28. Greater Albuquerque Area Market Activity June 27 - June 28 Pending Closed New 3, 2,5 2, 1,5 1, 5 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 Jan-8 Feb-8 Mar-8 Apr-8 May-8 Jun-8

4 Closed Sales Closed Sales - 3 Year Snapshot This monthly snapshot of the Greater Albuquerque Metro Area Activity shows a 9.5% increase in Closed Sales for detached (DET) property types from 674 in May 28 to 738 in June ,14 1, Jun-6 Jun-7 Jun-8 DET Property Type The area has seen a 27% decrease in Closed Sales from last year with 1,11 in June 27 to 738 in June 28. However, this represents that Albuquerque is very much a healthy market in spite of all the national negative perspective of the real estate market. Greater Albuquerque Area Market Activity June 27 - June 28 Pending Closed New 3, 2,5 2, 1,5 1, 5 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 Jan-8 Feb-8 Mar-8 Apr-8 May-8 Jun-8

5 Closed Sales by Market Area 5 SWMLS Market Areas Top 3 Selling Areas (Detached Homes) Area 5 (Northeast Heights) - 63 sales Area 92 (Southwest Heights) - 56 sales Area 12 (Paradise West) - 53 sales City of Albuquerque 13 Corrales Rio Rancho 17 Bernalillo 18 Placitas East Mountains Bosque Farms, Los Lunas, Valencia County Closed Sales by Market Area June Detached Attached Detached Attached

6 Closed Sales by Price 6 Top Selling Price Range $2K-$249K The Greater Albuquerque Metro Area has seen a 26.1% decrease in closed sales for type DET and ATT homes, from 1,114 in June 27 to 823 in June 28. DET = Detached ATT = Attached Closed Sales by Price June Detached Attached 5 < 3k 3k - 39k 4k- 49k 5k - 59k 6k - 69k 7k - 79k 8k - 89k 9k - 99k 1k - 119k Detached Attached k - 139k 14k - 159k 16k - 179k 18k - 199k 2k - 249k 25k - 299k 3k - 399k 4k - 499k 5k - 75k - 749k 999k 1m+

7 Median & Average Sales Price $24, $23, $22, $21, $2, Median Sale Price - 2 Year View $21,5 Jun-7 DET property type $23,5 Jun-8 As indicated below, both Median and Average home prices have remained stable over the past 1 months. In June, the Albuquerque Market saw a Median Sales Price of $23,5 and an Average Sales Price of $248, $3, $25, $2, $15, $1, $5, Median and Average Sales Price June 27 -June 28 Median Sales Price Average Sales Price $ Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 Jan-8 Feb-8 Mar-8 Apr-8 May-8 Jun-8

8 Supply-Demand Ratio Supply-Demand Ratio - 2 Year View 7.28 The Supply-Demand Ratio provides a monthly indicator of the balance between buyers and sellers in the real estate market. It compares the number of active listings on the market with the total number of pending sales. Jun-7 DET property type Jun-8 A higher ratio illustrates that there are more active listings per pending sales, and concurrently that supply is relatively strong compared to demand. Number of Active Listings for Each Buyer Supply-Demand Ratio June 27 - June 28 Jun Jul-7 Aug Sep Oct Nov-7 Dec-7 Jan-8 Feb-8 Mar-8 Apr-8 May-8 Jun-8 The Supply-Demand Ratio is calculated by comparing the number of homes for sale at the beginning of each month with the number of total pending sales for the month. The higher the Supply-Demand Ratio, the more supply there is relative to demand.

9 Absorption Rate Absorption Rate - 2 Year View 8.64 The absorption rate shows the monthly supply of active listings in the Greater Albuquerque Metro Area. The rate is calculated using home sales in the last 12 months and the number of listings on the market now. 4 2 Jun-7 DET property type Jun-8 A six month supply could be considered a balanced market, where the number of buyers are nearly equal to the number of active listings. Absorption Rate Jan 27 - May Months Supply Months Supply of Homes Jan-7 Feb-7 Mar-7 Apr-7 May-7 Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 Jan-8 Feb-8 Mar-8 Apr-8 May-8 Jun-8

10 Average Days on Market Average Days on Market - 2 Year View 38 Jun-7 DET property type 68 Jun-8 We have seen a 3 day increase in the Average Days on Market from 65 in May 28 to 68 in June 28. Compared to last year at this time the Average Days on Market for sold listings has increased by 3 days. Average Days on Market June 27 - June DOM for June Jun-7 Jul-7 Aug-7 Sep-7 Oct-7 Nov-7 Dec-7 Jan-8 Feb-8 Mar-8 Apr-8 May-8 Jun-8

11 Market Overview 11 Comparison of Residential Housing Sales for the Greater ABQ Market Area. Greater ABQ Market Area includes Albuquerque, Corrales, Placitas, Rio Rancho, East Mountains, and Valencia County.

12 Market Comparison 12 Comparison of Residential Housing Sales for Rio Rancho and Albuquerque. Rio Rancho includes Areas Albuquerque includes Areas 1-121