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Monthly Newsletter from Sandi Pressley

Real Estate Overview

Note: May 2019 data below are the most recent released by the National Association of Realtors.

Existing-home sales rebounded in May, recording an increase in sales for the first time in two months, according to the National Association of Realtors®. Each of the four major U.S. regions saw a growth in sales, with the Northeast experiencing the biggest surge last month.
Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) jumped 2.5% from April to a seasonally adjusted annual rate of 5.34 million in May. Total sales, however, are down 1.1% from a year ago (5.40 million in May 2018).     
National Association of Realtors May 2019 Data
NAR's chief economist, Lawrence Yun, said the 2.5% jump shows that consumers are eager to take advantage of the favorable conditions. “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”
 
 
The median existing-home price for all housing types in April was $277,700, up 4.8% from May 2018 ($265,100). May’s price increase marks the 87th straight month of year-over-year gains.
Total housing inventory at the end of May increased to 1.92 million, up from 1.83 million existing homes available for sale in April and a 2.7% increase from 1.87 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, up from both the 4.2 month supply in April and from 4.2 months in May 2018.
Properties remained on the market for an average of 26 days in May, up from 24 days in April and equal to the 26 days in May of 2018. Fifty-three percent of homes sold in May were on the market for less than a month.
Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.07% in May, down from 4.14% in April. The average commitment rate across all of 2018 was 4.54%.
First-time buyers were responsible for 32% of sales in May, unchanged from the 32% the month prior and up from the 31% recorded in May 2018.

 

Existing-home sales rebounded in May, recording an increase in sales for the first time in two months, according to the National Association of Realtors®. Each of the four major U.S. regions saw a growth in sales, with the Northeast experiencing the biggest surge last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) jumped 2.5% from April to a seasonally adjusted annual rate of 5.34 million in May. Total sales, however, are down 1.1% from a year ago (5.40 million in May 2018).     

National Association of Realtors May 2019 Data

NAR's chief economist, Lawrence Yun, said the 2.5% jump shows that consumers are eager to take advantage of the favorable conditions. “The purchasing power to buy a home has been bolstered by falling mortgage rates, and buyers are responding.”
 
The median existing-home price for all housing types in April was $277,700, up 4.8% from May 2018 ($265,100). May’s price increase marks the 87th straight month of year-over-year gains.
Total housing inventory at the end of May increased to 1.92 million, up from 1.83 million existing homes available for sale in April and a 2.7% increase from 1.87 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, up from both the 4.2 month supply in April and from 4.2 months in May 2018.

Properties remained on the market for an average of 26 days in May, up from 24 days in April and equal to the 26 days in May of 2018. Fifty-three percent of homes sold in May were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.07% in May, down from 4.14% in April. The average commitment rate across all of 2018 was 4.54%.

First-time buyers were responsible for 32% of sales in May, unchanged from the 32% the month prior and up from the 31% recorded in May 2018.

The price is right... Or is it?

 

If you are planning to put your home on the market -- especially if you live in a place where prices are rising and buyers are competing for homes -- it can be tempting to list your property at a high price hoping that you'll actually get it. After all, it can work with cars, why not with homes?
You may want to think twice -- the resale of homes and automobiles are very different things.
Experienced Realtors who have been through dozens, scores, or even hundreds of transactions, will advise you to price your home appropriately from the outset because it's pivotal to seeing the home sold quickly and at the best price. Research backs up what experienced Realtors already know: overpricing your home and then lowering the price a few times most often leads to a final sales price significantly below what you originally should have asked for it.
And, to make matters worse, the longer a home remains on the market, the deeper the discount is likely to be off the original price. Ouch!

If you are planning to put your home on the market -- especially if you live in a place where prices are rising and buyers are competing for homes -- it can be tempting to list your property at a high price hoping that you'll actually get it. After all, it can work with cars, why not with homes?

You may want to think twice -- the resale of homes and automobiles are very different things.

Experienced Realtors who have been through dozens, scores, or even hundreds of transactions, will advise you to price your home appropriately from the outset because it's pivotal to seeing the home sold quickly and at the best price. 

Research backs up what experienced Realtors already know: overpricing your home and then lowering the price a few times most often leads to a final sales price significantly below what you originally should have asked for it.

And, to make matters worse, the longer a home remains on the market, the deeper the discount is likely to be off the original price. Ouch!

Celebrate Freedom in Albuquerque

The 4th of July is almost here, and it's time to start planning your celebration of freedom in Albuquerque next week. Albuquerue is a hot spot for Independence Day celebrations. Here's a few few ways you can celebrate freedom in Albuquerque and the surrounding area next week.

Freedom 4th Celebration

This free annual celebration at the Balloon Fiesta Field, Freedom 4th, is one of the largest Independence Day gatherings in the state. 
Headlined by The Nitty Gritty Dirt Band, this annual free event will take place on Thursday, July 4, 2019, from 3 to 10 p.m. The event also features a beer garden with local microbrews, free children's activities, a food court, and several other performances culminating in the largest fireworks display in the state.

This free annual celebration at the Balloon Fiesta Field, Freedom 4th is headlined by The Nitty Gritty Dirt Band. This annual free event will take place on July 4, 2019, from 3 to 10 p.m. Also featuring a beer garden with local microbrews, free children's activities, a food court, and several other performances culminating in the largest fireworks display in the state.

Music and Fireworks in Los Lunas

Starting with a parade at 9am at Lambros Loop to Don Pasqual Road. Then at 4pm enjoy the festivities at Daniel Fernandez Memorial Park. Free live entertainment from Nathaniel Krantz Band, Nosotros, The Gershom Brothers, The Black Pearl Band of NM, food (you can bring a picnic but no ice chests), and activities for the whole family. The fireworks display starts at dusk. 

Isotopes Baseball and Fireworks

Take the whole family to enjoy an all-American game of baseball followed by a fireworks display to celebrate Independence Day.  Gates open at 5:00 p.m. and the game starts at 6:35 p.m. with the minor league Isotopes playing the Las Vegas Aviators. 

Pork and Brew BBQ Cook-Off

From July 5–7, 2019, the Annual Pork and Brew will return to the Santa Ana Star Center about 30 minutes north of Albuquerque. Over 50 competitors will gather from around the United States to cook-off for the chance to go to the national BBQ competition held in Kansas City each year.

Rio Rancho Fireworks

20 minutes north of Albuquerque, the city of Rio Rancho puts on this fireworks display for the 4th. It's a great alternative if you live on the west side of Albuquerque if you want to avoid the crowds of the Freedom Fourth event.

Have a Safe and Happy 4th of July!

Contact Information

Photo of The Sandi Pressley Team Real Estate
The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173
Fax: 505-212-0729

Quick links to this site are also SandiSells.net or SandiSellsHomes.com