The Greater Albuquerque Association of Realtors has released the November market statistics and I have looked over them in length. Here are some of the highlights. In November, 658 homes and condos sold. That’s down from October’s 827. However, there's always a silver lining right? For us, it’s that the 658 sold last month, is actually an increase when compared to the same time last year when just 617 were sold.
Unfortunately the upper end is still suffering from a lack of activity. Maintaining our market’s consistency…we saw just 4% of the total sales above $500,000. As expected, most of the sales were made below the $250,000 magic mark totaling for nearly 73% of all of the homes and condos sold in November. That of course means 23% of sales were between $250,000 and $500,000.
Another thing that stood out to me in the report is supply and demand. Our market is still out of balance. In November there were 4,741 homes and condos available. Out of the 4,741 only 658 sold. Those numbers tell me that only 14% of homes and condos available in were purchased. That's 14 out of every 100 homes and condos. This time of year it is a price war and a beauty contest more than ever. That’s why it’s so important to have an experienced Realtor on your side who will tell you the truth about how you should price your home and show your home in order to get it Sold!
If you would like to buy or sell a home today please call my team at 505-923-4730 or 505-238-1000.
Cheryl
