Albuquerque Real Estate, Resources and Info
LynnJohnsonphoto

Lynn Johnson, Associate Broker
Direct: (505) 923-4664
Cell: (505) 350 5966

lynn @ lynnjohnson.com

Featured Content by Lynn Johnson

Home Sales

Historically, Albuquerque's residential real estate has been among the most affordable in the nation. In spite of recent challenges in the market and a slowing of sales, Albuquerque real estate continues to appreciate and its market remains strong.

HousingPredictor.com has once again chosen this area as one of the top 25 markets in the U.S. for 2008, citing the recent announcements of new businesses moving to Albuquerque.

 The Albuquerque real estate market was rated the most likely market for appreciation among the top 100 markets in the nation, according to Housing Predictor, Fall 2007. For 2007, the average selling price of an existing single-family detached homes was $237,397, according to the Albuquerque Metro Board ofRealtors.

While there has been a slowdown in unit sales for the Albuquerque market resulting in increased inventory, there has only been slight pressure on price - mostly in the luxury home market. The average price for a home increased by 6.3 % in 2007. Steady appreciation and the influx of new employers will help keep prices strong.

In spite of the price increase, the larger inventory means buyers have more choice, greater expectations and demand more incentives from sellers. Buyers expect properties to be in top condition - "as is " properties are being bypassed for "move in condition" offerings. Homes cannot be "priced right" , they must be "priced aggressively".

Because of the inventory, some properties are on the market longer. As of January 2008, the average number of days on the market for properties that sold was 91 compared to 50 days in January 2007. Todays market is complex and today's real estate professional is mandatory for sellers to assist with staging, pricing, marketing and negotiating with buyers. Likewise, buyers benefit by working with a professional for strategizing and negotiating with seller's agents.

As of mid-January 2008, there were more than 6,600 residential listings on the local MLS system, marking an all-time record for the area. This represents an increase of 60% over the 4,098 properties available in January 2007. The increase represents several market factors. The hesitancy of buyers to enter the market in light of recent mortgage industry problems is one factor. Leading economic indicators predict that home values in Albuquerque should contine to appreciate in 2008, if only at the modest estimate of 3.5% according to HousingPredictor.com.

The average price was for 2007 in the Albuquerque Metro Area:
  • Average cost of a single-family home in February 2008 was $252,592.
  • South Valley and southwestern areas: $137,630 (2007)
  • North Albuquerque Acres: $616,766 (2007)
  • ABQ Acres West: $350,358 (2007)
  • UNM area: $302,291 (2007)
  • SE Heights: $180,453 (2007)
  • Foothills North: $553,115 (2007)
  • North Valley: $429,069 (2007)
  • West River Valley: $366,000 (2007)
  • Paradise Hills: $252,026 (2007)
  • Downtown: $189,509
  • Corrales: $504,745 (2007)
  • Rio Rancho: $273,153
  • Placitas: $522,433 (2007)
  • East Mountain Areas: $254,003 (2007)
  • Bernalillo: $299,703

Keller Williams logo Keller Williams logo
 Keller Williams Realty®
6240 Riverside Plaza Ln., Suite 100
Albuquerque, NM  87120
Office: (505) 897-1100
Fax: (505) 923-4677
 
©Copyright 2007, Lynn Johnson. All rights reserved. MLS Content provided by Southwest MLS.
Design/Development: Vincent Thomé, MindSpace Limited Co.