Contact Bruce Shah via phone at: 505-898-7937, email: Bruce@BruceShah.com, website: http://www.newmexicohomesearch.com/ or at the REMAX Alliance office: 9577 Osuna Rd. NE Suite B, Albuquerque, NM 87111
Month-to-Month Improvement
This year is starting to look a little more positive. This is now the third month with improved sales figures. Nothing to shout about but certainly an indication that we may be turning the corner.
This is still a market that favors first-time buyers: the vast majority of sales remain in the FHA loan range under $279,000. (FHA, of course, only requires a 3.5% down payment and the down payment can come from a close family member.) But, we did have a handful of homes sell above $500,000 and that has not happened for some time.
And, while I am talking about price range, my 'turning the corner' comment is meant mostly for the FHA range noted above. I think the higher end sales will lag for some time waiting for other parts of the country to start recovering.
| Pending Sales | 2009 | 2008 | Change |
|---|---|---|---|
| February | 530 | 768 | (30.99%) |
| March | 748 | 836 | (10.53%) |
| April | 836 | 862 | (03.02%) |
| May | 856 | 8629 | (01.50%) |
| Closed Sales | 2009 | 2008 | Change |
|---|---|---|---|
| February | 343 | 532 | (35.53%) |
| March | 465 | 624 | (25.48%) |
| April | 542 | 641 | (15.44%) |
| May | 566 | 674 | (16.02%) |
The median price reversed itself for the first time this year. Again, year-over-year, which is a more realistic yardstick, is still not in positive territory but nice to see any upward movement.
| Median Sales Price | 2009 | 2008 | Change |
|---|---|---|---|
| February | $184,900 | $189,250 | (2.30%) |
| March | $184,500 | $191,250 | (3.53%) |
| April | $175,500 | $189,000 | (7.14%) |
| May | $184,750 | $205,000 | (9.88%) |
Inventory reversed as well. Again, not vs. 2008 but a slight bump for this year. Early spring, of course, is always an active month for listings... note the jump in 2008. So, the very slight rise we had from April is another indication that no one is listing their house if they don't have to do so.
| Active Listings | 2009 | 2008 | Change |
|---|---|---|---|
| February | 5,373 | 5,591 | (3.90%) |
| March | 5,342 | 5,836 | (8.46%) |
| April | 5,399 | 5,943 | (9.15%) |
| May | 5,422 | 6,241 | (13.12%) |
Another drop that is good to see...
| Avg. Days on Market | 2009 | 2008 | Change |
|---|---|---|---|
| February | 96 | 71 | 35.21% |
| March | 86 | 69 | 24.64% |
| April | 85 | 66 | 28.79% |
| May | 78 | 65 | 20.00% |
So, another good month -- relative to what has been our 'new normal'. A little glimmer of home for sellers who can price their home aggressively. But, no question that being a buyer is the place to be right now: great rates, low prices and the potential of $8,000. in stimulus money.