The Greater Albuquerque Association of Realtors released the home sales numbers for May 2012. The real estate numbers were outstanding.
Albuquerque Metro Home Sales
The May real estate statistics for the Albuquerque metro area were outstanding. Not only were home sales up, but so were the median and average sales prices. Here are the details:
- Year to date home sales were up 17%
- Median sales price was up 6%
- Average sales price was up 7%
- Home inventory was down 21%
Albuquerque versus Rio Rancho Real Estate Stats for May
Both Albuquerque and Rio Rancho fared well with positive numbers for median sales price, average sales price and home inventory. The number of home sales in Rio Rancho was flat, however. Here are the details comparing the Albuquerque and Rio Rancho stats.
- Albuquerque house sales were up 21%; Rio Rancho house sales were down 4%
- Median sales prices were up 2% in Albuquerque and 11% in Rio Rancho
- Average sales prices were up 2% in Albuquerque and 9% in Rio Rancho
- Home inventory was down 25% in Albuquerque; 27% in Rio Rancho
Is the Real Estate Recovery Here?
It’s hard to ignore the positive signs we’ve had the last two months in both Albuquerque and Rio Rancho. Buyers and sellers market have already started to behave differently.
Home inventory levels remain low. Decreased inventory with increased market activity will inevitably lead to increased home sales prices. Once we see this for several quarters, then we’ll know it’s here.
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These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 06/14/2012. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included. To view GAAR’s report click here.
These are very positive numbers. Here in Phoenix AZ we are seeing similar changes:
Realtor.com data shows 20 percent annual decline in US listings in May
By Inman News, Wednesday, June 13, 2012.
Editor’s note: Data collected and analyzed by Realtor.com through May 2012. Includes single-family homes, condos, townhomes and co-ops.
The national housing market continues to stabilize, according to data compiled by Realtor.com for 146 U.S. metros through May 2012.
May continued April’s year-over-year upswing, with for-sale inventory dropping 20.07 percent, median list prices jumping 3.17 percent to $194,900, and median age of for-sale inventory falling 9.78 percent compared to a year ago.
Data Point: Percent Change, May 2012 vs. May 2011
Number of Listings: -20.07%
Median List Price: 3.17%
Median Age of Inventory: -9.78%
As of May, national for-sale inventory stood at 1.88 million units, roughly 60 percent of a September 2007 inventory peak of 3.1 million units (2007 was the first year Realtor.com tracked this data nationally).
Despite a slight 1.96 percent month-over-month increase in national inventory — expected because listings usually swell during the springtime buying season — all but two of the 146 metros Realtor.com tracks had fewer homes for sale than a year ago.
Some of those markets hit hardest in the housing crisis — Atlanta and metros in Florida, Arizona and California — are showing some consistent, month-by-month turnaround. In May, Phoenix, Tampa-St. Petersburg, Fla., and Atlanta were among the top 10 metros Realtor.com tracks with year-over-year percentage drops in for-sale inventory.
This month, six of the metros in the top 10 that saw the greatest reduction in inventories from a year ago were in California, including three in the San Francisco Bay Area: Oakland at No. 1 (56.6 percent fewer listings than a year ago); San Jose at No. 6 (40.88 percent fewer listings); and San Francisco at No. 10 (38.9 percent fewer listings).
Top 10 metros for greatest year-over-year reduction in for-sale inventory, May 2012
Rank / Metro / For-sale inventory, percent change, May 2012 vs. May 2011
1 / Oakland, Calif. / -56.60%
2 / Fresno, Calif. / -48.76%
3 / Bakersfield, Calif. / -48.59%
4 / Phoenix-Mesa, Ariz. / -44.71%
5 / Seattle-Bellevue-Everett, Wash. / -42.65%
6 / San Jose, Calif. / -40.80%
7 / Tampa-St. Petersburg-Clearwater, Fla. / -39.76%
8 / Stockton-Lodi, Calif. / -39.25%
9 / Atlanta / -39.19%
10 / San Francisco / -38.90%
John Cunningham recently posted..Desert Ridge Home – One Dead Simple Way to Get it SOLD!
Thanks for the info John, I watch both the Phoenix and the Las Vegas real estate markets fairly closely due to their close location and the fact that they have been ahead of the Albuquerque real estate market in terms of market conditions and direction of market change.
Of course these are only so many parallels you can draw since we were not devastated like the Phoenix area was.
this is a great article regarding real estate.
john lee recently posted..The Real Estate industry is resisting change… BUT CHANGE IS HERE ?