April 2010 was a record-breaking month which posted 678 single-family, detached home sales - the highest number of any April since 2007; pending sales passed the 1000 mark for the second time to increase to 52.03 % above the number posted for 2009 and 18.1% above the preceding month’s record. The average price of single-family detached homes was falling ($227,281 in 2008, $206,070 in 2009 and $205, 601 in 2010); but the median was holding steady at $175,000 for the second month in a row.
April 2011
The story is different for the month of April, 2011. The only positive percentage change in the Greater Albuquerque residential market was reflected in the “number of days on market”, and that change had negative implications. A change with positive implications would have been a decrease in the number of days on the market to indicate homes were selling more briskly.
On the other hand, negative percentage changes in two of the other key areas of the month’s report could possibly be interpreted as having positive implications depending on one’s point of view. The number of active listings fell by 1.74 percent and the number of new listings entering the market fell 23.81 percent below last April’s. The reduced number of listings could be interpreted as good news that our inventory is diminishing. If, however, sellers are withholding homes from the market, that news is not as good, especially with the results for days on the market, average and median prices.
Active and New Listings
There were 4, 981 detached and 530 attached active listings compared to 5,069 detached and 582 attached one year ago. In April 2010, 1,869 active detached new listings and 202 attached entered the market. However, despite the reduction in new and active listings, pending sales closed sales, average and median prices were all down. It took an average of 16.22 percent more days to sell a home. April 2010, detached homes sold in an average of 74 days and attached homes sold in an average of 96 days compared with 86 and 71 respectively in 2011.
Listings Pending Closing
For the month of April, 903 detached and 82 attached homes were under contract awaiting closing compared with 1,271 attached and 164 detached, April 2010.
Sold Listings
The month had 576 closings of detached and 37 of attached homes compared with 678 (the highest of any April since 2007) detached and 79 attached, April 2010.
Average and Median Sale Price
April 2011, the average sale price for a detached home was $196,321 and for an attached, $139,154. April 2010, the average price of a detached home was $205,601 and for an attached, $154,508. The median for April 2011 was $165,000 and for the attached, $129,90o, down 5.71 percent from last year’s $175,000 and $142,000 respectively for detached and attached.
Summary
April 2010, the market was powered by continuing low interest rates, lower prices and the motivation of buyers to take advantage of the last month of the availability of Federal Homeowner Tax Incentive dollars. Although prices have fallen and interest rates continue to be attractively low, the tax incentives ended and it is generally accepted that interested buyers are challenged by ca backlash of crippling lender requirements. The current state of the residential real estate market suggests recovery is still elusive. (Statistics provided by the Greater Albuquerque Association of Realtors)
Eloise Gift
Gift Realty NM
No comments:
Post a Comment