For the year-to-date (YTD), the median price of a UNM area home is up a solid 4.25% to $233,000 compared to last year’s $223,500. Unit sales at the end of August stood at 321 homes, a 9.18% jump over the first 8 months of 2015.
In August the median price per square foot of a home sold around UNM was $149. That’s a 4.93% rise over last year, when homes were selling for $142 per square.
If you look at the list to sell ratios you’ll see some interesting numbers. While hoes that sold in August sold at 97.00% of their list price, if you compare selling prices of homes that sold (list to sell) to all the homes listed in August, you’ll see a much narrower spread of 99.73%. That’s backwards in a sense and you can see that if you look at the numbers for August 2015 and the YTD numbers.
Typically we see the list to sell ratio higher than the open to sell. Homes that sell are often lower priced than all home on the market in the area, so they sell closer to their asking price. In August, buyers bough the more expensive homes around UNM and left the cheaper ones unsold. You don’t see that too much.
Half the homes that closed around UNM in August went into escrow in 30 days or less. Last August it took 46 days. The YTD numbers show similar speed, and during the first 8 months of 2016 homes in the UNM area went into escrow in 34 days or less, 15.00% faster than the first 8 months of 2015. We’d expect that since inventory is down and buyer activity is up.
If you want more detailed information than my above chart gives, info on your own neighborhood specifically, or an analysis of your own home’s value, or one you are interested in, drop me a line.
– Joe LaMastra, Realty One of New Mexico, September 20, 2016