GAAR.com » Market Statistics » Finding the Right Price for Your Listing

Finding the Right Price for Your Listing

Putting the right price tag on a home is an important factor in determining how well the property will sell in the Albuquerque real estate market. We took a look at the prices of detached single‐family homes that sold in April 2009 to get an idea of how homes are being priced.

First, let’s look at the homes listed for sale in the MLS during the month of April. On average, there were 5,377 single‐family homes listed for sale in the MLS in April. There were 1,135 price changes made in the MLS to these listings, 1,071 of them being price reductions. Although it appears that 21.1% of the single‐family homes for sale during April had price reductions, it is important to remember that some of the price changes could have been made multiple times for the same listing. Nevertheless, 1,071 price changes in one month tells us that the price wasn’t right for many listings for sale.

Now let’s look closer at the homes that sold in April. The average starting (original) list price for the homes that sold was $226,600. The average price that these same homes sold for was $206,070—a difference of $20,530. The difference was $14,900 (for the same listings) when we looking at the original median list prices and median sale prices. In the current market, the average sale price of a home in April has dropped 15.2% from 2007 and 9.3% from 2008.

Although our research was limited to just April, it does help give insight into how homes are being priced in the MLS. We hope you find this information useful in working with your clients to determine the best price for selling a home in the Albuquerque MLS. For questions about how we calculated our data, or if you would like more information, please call SWMLS at 505‐843‐8833 or email us at .(JavaScript must be enabled to view this email address).