Our Greater Albuquerque area market continues to be a strong market, though it seems to have "cooled down" somewhat. Our market has become a slight buyer's market with inventory over 7000 homes available. The inventory of homes is OVER three times what was available 24 to 30 months ago. This has translated to a higher "absorption time" and longer time ON MARKET, especially among houses that are overpriced for our market (most of them). We continue to find that properties that are priced right are on the market for no more than 30 days. Pricing continues to rise all over the metropolitan area, with "average" properties in the area valued at between $125 and $150 per square foot the rule now rather than the exception.
Buyers coming into the area, especially from "high priced markets" such as California, Arizona, Nevada and the East Coast are surprised at the great values that Albuquerque offers. Local residents are at the same time surprised at the general increases in price across the spectrum of varying areas within the Metropolitan area.
Come visit the Heart of the Land of Enchantment. Lucky US to be able to live in this great environment.
WARNING: If you come to visit, chances are good that you will stay! You will love it here!
ZIP Codes: 87109, 87110, 87111, 87112, 87120, 87114, 87124, 87144 Approximate Location Boundaries: Albuquerque Metropolitan Area
Location Characteristics: This is an incredible area full of weather, terrain and demographic diversity.
About Paul and Judy Wilson:
The market in the greater Albuquerque Metropolitan area continues to be a strong seller's market but signs are of a weakening market in so far as continued rates of appreciation goes. We continue to see that any property close to market value will be sold within 30-45 days of going on the market. Those properties on the market for over 45 days are simply just overpriced for their condition and location.
The main thing driving these conditions is the continuing low interest rate coupled with a high demand for nice homes in nice areas. Yes, anything under "7" is "relatively low", especially if you recall the 80s when there was run-away interest rates. Now that summer is here, we feel that this strong market for sellers will continue, at least mildly. So ... if you see a house you like that meets your needs, MAKE AN OFFER. At least you will be in the game of getting THAT house. If you like the house, chances are that someone else will like it, too.
Happy Home Search to you !!!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
