The numbers of properties going under contract in ABQ continue on an accelerated track. For the past seven months now the number of homes going into a pending status has realized a 20% - 30% increase over the same month of the previous year. We can point to continued low interest rates for mortgages actually having dipped below 4% during the month. Home values are beginning to rise too with the average for non distressed homes now over $215,000.
For all of Albuquerque in January the stats are as follows; Total active listings 2611 compared to 3473 in January of 2011. Pending sales were higher this year than last, at 478 compared to 400 for 2011. The number of closed homes were also ahead of last year at 324 to 299 last January. We are looking for the basic economical factor of supply vs demand to impact pricing by the middle of the year.
Just Call Judy to get it done. Certified Distressed Properties Expert for counseling on options for distressed homeowners and short sales.
For more information link to my video real estate update at http://realtytimes.com/vnc/JudyPierson or my website at http://www.JudyPierson.com and go to Market Snapshot for sales trends. Feel free to call me (505) 220-9193 for more details or click on my name to email me through my website.
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.
New Mexico is one of the top places to live and work according to Business Facilities report rankings. ABQ was No. 2 for Economic Growth Potential. 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 diversified, steady economy and great weather results in a steady influx of retirees and more new companies looking to expand or locate here. United Van Lines study on Migration, shows that 58% of moves related to New Mexico are inmigrations! People come and they stay!
Albuquerque was listed 15th among America's 50 Best Cities according to a Businessweek story. Boston was 16 and New York was 14. We were higher than Phoenix (of course!) which ranked 49 and Denver which ranked 27. To quote the article, "With the Rio Grande running through and the Sandia Mountains to the east, New Mexico's largest city is a picturesque and sunny place to live. The schools are great, unemployment is low and there are lots of park acres per person." The ranking is based on various metrics of quality of life, such as number of restaurants, museums per capita; number of colleges, libraries and professional sports teams; the income, poverty, crime and foreclosure rates; percentage of population with higher degrees and air quality.
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.
Part of the explanation for New Mexico's top ranking is that we are 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 annually, 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. Or get a Market Snapshot of current market activity at this link: http://www.homeinsight.com/Widget/default.asp?VSMNFTET7TDZ
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.
