The latest May 2018 numbers indicate that Albuquerque is in a seller’s market. Despite this, it is still a great time to buy too.
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We are into June, and our Albuquerque market is starting to heat up. When we look at the numbers from last May, we see many of the great trends we saw in May 2017 happen now at an accelerated pace.
For one thing, inventory continues to shrink. There were 4,800 closed sales, which is up 4% from May 2017. At the same time, there were 7,300 new listings that hit the market, which was just a 1% growth compared to May 2017. Our total number of homes on the market at the end of the month was just over 3,000, which is a 17% drop compared to May 2017 when there were about 3,700 homes available.
Our average days on market was 50 days, which was another 17% drop compared to May 2017. The average sale price reached $235,000, which was a 4% increase over May 2017. Finally, our median sale price rose 5% to $200,000.
We are seeing many of the great trends we saw in May 2017 happen now at an accelerated pace.
If you are a buyer, these numbers mean it is very important that you work with an experienced agent who can help you find the right home at the right price. Interest rates are still below 5%, so it is still a great time to buy.
If you are a seller, these numbers bring great news. Homes are selling quickly, and in the last 10 years, there has never been a better time to get the most money possible from your home sale.
If you have any more questions about our market or you are thinking of buying or selling a home, please feel free to reach out to me. My team and I would love to help you.
As always, stay classy Albuquerque!