May 2010 Market Report
Real Estate Update with Cheryl Marlow
770 KKOB AM’s Residential Real Estate Specialist!
The Greater Albuquerque Association of Realtors has released the Market Report for May and it is revealing mostly positive news! For the second month in a row, we have seen the highest number of closed sales since 2007! In addition, we saw an almost 27% increase in closed home sales compared with May of last year. This is fabulous news for our market! Of course a lot of that activity was driven by the tax credits. Unfortunately in the month of May we did see a decrease in pending sales from April but again we expected that with the tax credit coming to an end. The good news overall the market has significantly improved from 2009 and June appears to be shaping up to be a very active month. Our phone is ringing more frequently and we are seeing a lot of activity in the market place. With interest rates below 5% people are considering a move. I think that should result in a significant amount of pending sales in the month of June.Right now it seems like the affordable price ranges are seeing the most activity. In May, we saw the bulk of home sales come from the $160K to $180K mark with 115 closings. And the median sales price remains at $175K for the 3rd consecutive month! As for the upper price ranges we are still seeing slower activity with only 27 sales above $500K. That calculates out to less than 4% of the total sales. So while the overall activity is increasing in the Greater Albuquerque Market, it seems that buyers are without a doubt more active in the lower, more affordable ranges!According to the May report, homes were on the market for an average of 66 days. That’s down about 15% from last year. But, it’s tricky to say because while that is the average number of days, it really all depends on buyers finding what they’re looking for and making an offer. So, to say that is the average, you really have to take into account a few things. First, where is your home located? For instance is it in the East Mountains which is a relatively slower area, or is it in an area that is more active like Rio Rancho. Also, is your home realistically priced based on market conditions? And lastly, we are still in a price war and a beauty contest, and you just have to hope that a buyer is out there and looking for a home just like yours. These are all things to consider and can result in your home staying longer on the market.
If you are interested in buying or selling a home today, please give us a call at 797-5555 or email us at cheryl@cherylmarlow.com.
Cheryl Marlow
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