Our Albuquerque real estate statistics for the month of June have been released, and they seem to show some light at the end of the tunnel for Albuquerque home sales.

First of all, our oversupply of homes on the market is definitely shrinking. There were only 5,480 single family detached homes on the market this past June, which is way down from the high figure of 6,428 in June of 2008.

The number of new listings coming on the market was also lower in June 2009 than it was in June 2008; in fact, nearly 17% lower!

These figures indicate fewer listings are on the market competing for the relatively small pool of buyers, and that should be helpful. (Again, these figures are for single family detached homes.)

Another encouraging statistic is that the number of pending sales for single family detached homes has been rising steadily since February. In June, 933 such properties went under contract. This is an increase of 9% over the previous month, and also an increase of 8.87% over June of 2008. This number of pending sales is, in fact, higher than the number of pending sales for any month of 2008! And it is also higher than the number of pending sales that were posted for the last five months of 2007, when we were still in something of a "buyer's market."

So, in the Greater Albuquerque real estate area, there are fewer homes competing on the market, and a larger number of homes going under contract than there were a year ago.

Things are looking up!