The month of June is coming to a quick end. What does this mean for sellers in Albuquerque’s real estate market? Abq expert is here with your seller market snapshot.
The month of June proved to be a hot one in terms of pending and closed transactions. A high demand of buyers and low inventory have created what real estate professionals love to call a sellers market. This means that the market favors sellers since they have access to the thing the real estate market needs–properties to sell.
This record low inventory has created a major supply and demand issue. With an influx of buyers, there are just not enough houses. Properties in highly desirable neighborhoods and priced well are just not lasting long. Looking at some “hard” residential numbers, for on June 28th (within the last 24 hours of that date) there was:
- 52 New Listings
- 74 Pending Sales
- 20 Closed Sales
- 27 Price Changes
What do these numbers mean for sellers in the greater Albuquerque area? Well this means that there are not many other homes or competition hitting the market (some areas more than others). It also means that basically for every house that hits the market another goes under contract. One of the more stand out numbers to me this time around was the price changes at 27. That means that only 27 price changes (across the board for residential) happened within the last 24 hours of June 28th. For sellers, this shows that the list price seems to be staying at what you set with your real estate professional. For the price changes we saw they may have been for homes priced too ambitiously.
Albuquerque has a lot of buyers and maybe one of them is ready to buy your home. If you are thinking of selling, reach out to me today, and we can get started on writing the next chapter of your homeownership story!
Elizabeth Benedict is an Associate Broker and REALTOR® at ERA Sellers and Buyers Real Estate in Albuquerque, New Mexico. She holds a Masters in Literature from the University of New Mexico. When she is not helping her community buy and sell houses she is usually writing.