April 2024 Alamogordo Market Update

Let's take a closer look at the real estate market based on these key metrics.

First, we see that the Months Supply of Inventory is currently at 2.51. This means that at the current pace of sales, it would take approximately 2.51 months to sell all the homes on the market.

The 12-Month Change in Months of Inventory has increased by +56.88% compared to the previous year. This suggests that there may be more inventory available now compared to before, which could potentially give buyers more options to choose from.

The Median Days Homes are On the Market is 35, indicating that homes are selling relatively quickly in this market. This could be a positive sign for sellers looking to move their properties quickly.

The List to Sold Price Percentage is at 102.5%, which means that on average, homes are selling for slightly above their list price. This could indicate a competitive market where buyers are willing to pay more for desirable properties (a.k.a. a seller's market!).

Lastly, the Median Sold Price is $166,050, giving us an idea of the average price of homes that are selling in this market. This information can be helpful for both buyers and sellers in understanding the current pricing trends. The drop in average home sale price from last month is correlated to many things. The market tends to slow down in the spring. This coming summer (PCS season) will likely see a rise in Median Sold Price.

Overall, these metrics paint a picture of a market with relatively low inventory, quick sales, and homes selling for slightly above asking price. Buyers and sellers should keep these factors in mind when navigating the real estate market.