This market has definitely turned around! The total number of listings are down 15% to last year and the closed sales are up 71% compared to last November, 722 compared to 421 last year. Things have really begun to move. Also the first time home buyers $8000 tax credit has been expended and expanded to include any home owner of 5 years. Give us a call for details on this program. Judy Pierson 505 220-9193. The average home prices are only down 3% to last year at $211,422 compared to $219,271 for last November. This figure is abit skewed because most of the sales have been for first time homebuyers taking advantage of the Federal stimulus. We did begin to see movement in the higher end homes this month though.
US News and World Report has ranked ABQ in its top ten most liveable cities with Kiplinger's Personal Finance magazine ranking it as the second best city. Both of these considered the economy, weather, natural beauty and recreational and work opportunities. ABQ is HOT!
For more information link to my new video real estate update at http://realtytimes.com/vnc/JudyPierson or my blog at http://judypiersonassociates.blogspot.com/. Feel free to call me (505) 220-9193 for more details or click on my name to email me through my website or to find more specific area data and listings.
THANKS! Judy
ZIP Codes: 87113, 87122, 87108, 87111, 87107, 87110, 87112, 87123, 87106, 87102, 87115, 87123, 87116, 87104, 87120, 87114 Approximate Location Boundaries: Greater Albuquerque
Location Characteristics: WELCOME TO THE LAND OF ENCHANTMENT. ABQ's Mayor Marty Chavez is up for top mayor on the globe. We're hot stuff! The stats for 2008 show that ABQ was down in terms of the number of properties sold, but the home prices did not decline in value as much as other parts of the country, We had such a good, but not over-the-top increase in values in the last 4 years The average price for detached resale homes is up from last month and is currently at $214,522 with an price per square foot of around $122. We aren't seeing alot of foreclosures or bank owned properties selling yet despite what is happening across the country so prices are not depressed by such sales.The sales for the year were consistent from last year in the homes over $400,000, but where we saw decreased sales were homes less than that particularly in the $200,000- 300,000 range. NM ranks 13th-fastest-growing state in the nation up 1.4% in 2007. The ABQ metro area tops the list of "Hottest Buyers Market". Median price increased in 2007 as other markets declined. CNN Money also says metro ABQ is the best real estate market in the West and the third best in the nation! Albuquerque is on the radar screen for individuals and companies. The strong, steady economy and great weather results in a steady influx of retirees and more new companies looking to expand or locate here. In fact, ABQ was just rated as one of the 10 best housing markets projected to rise the most in 2009! WSJ says the best indicator is the unemployment rate and ours is very low at 4.6%. It's a healthy, growing economy. And a healthy environment -- we have the lowest level of air pollution next to Honolulu.
A United Van Lines study on 2006 Migration, shows that 58% of moves related to New Mexico are inmigrations! People come and they stay!
Our airport, the Sunport, just won the award for best in the west. The new screening area is fast and efficient. We also won a World Leadership Award for efforts to ensure a water future. Residents are proud and respectful of our natural resources and beauty.
Did you know that NM ranks 4th in the nation in small tech industry? Or that it is the 3rd smartest city to live in? ABQ has been named one of the top 25 eventful cities ranking just behind Las Vegas. The big news on the economic development front is the development of the Mesa del Sol area which is just south of the airport and east of I-25. Fidelity Investments is bringing 1,200 jobs to this planned, mixed use community. ABQ Studios is already up and running as a full production site. Employment projections for the whole Mesa del Sol area are 7,000 including a 27-acre live-action movie factory
Part of the explanation for our appreciating real estate market is that New Mexico is near the top of the list for attracting new residents from other states, according to the US Census. About 4.1% of New Mexicans moved here from another state within the last year, putting us at No. 9 in the nation for out of state in-migration. People are attracted by the climate, the arts, comparatively low real estate prices and the diversity.
The City of Albuquerque lies on either side of the Rio Grande river with the Sandia Mountains on its east border. The current population in the state is 1.86 million with 585,441 in Bernalillo County and 105,727 in Sandoval County fueled greatly by Rio Rancho. ABQ city is approaching 800,000 population. 25% are under 18 years of age reflecting our family oriented culture.
The area offers many choices for type of area to live in. It has four ecologies ranging from the desert mesa area on the westside of the river with many new devlopments, to the river basin of the Rio Grande running from north to south. To the East is the Northeast Heights which goes up to an altidude of 7200 feet to a high desert high end area. The city is split by the I-25 freeway going north and south and the I-40 going east and west -- the original Route 66.
Link to my video real estate update at http://realtytimes.com/vnc/JudyPierson.
About Judy Pierson, Pierson & Associates:
As one of the top 25 real estate agents in Greater Albuquerque, my reputation is built on being the expert in our market you need so that you can make a wise real estate decision. Winner of a Coldwell Banker customer service award in 2005, my success is dependent upon being knowledgeable and responsive to my customers. ABQ. is a hidden jewel with a steadily growing market that is still underpriced. Call me or check my website for all you want to know about ABQ, the market and buying or selling here. I specialize in relocations and investment properties.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
