Every month the Greater Albuquerque Association of Realtors publishes the real estate stats from the previous month. I’ve taken the March real estate stats and put them together into a slide show (these numbers are for the city of Albuquerque only and do not include Rio Rancho or any of the other outlying areas).
Overall it was a good month for the recovering Albuquerque real estate market. Here are some of the details contained in this month’s report:
- Closed home sales were up 8.47%
- Average sales price was down 5.43%
- Median sales price was down 3.64%
- Average days on the market was down 3.66%
- Pending sales were up 14.47%
- Active listings were down 27.04%
The number of home sales are up, home inventory is down and yet prices are still suffering. That seems contradictory, but it’s not unusual.
Now, I’m certainly not an economist, I’m just a lover of stats, but I know I saw something similar happen in the market when the economic downturn happened. Home sales were on the decline and yet home prices continued to increase for quite some time afterward. In other words, there was some lag time before prices caught up with sales.
I think we’re seeing the same thing here.
In fact, home sales and home prices are on the rise in other cities in the US already. Could this be on the horizon for real estate in the Duke city?
Indeed it could, and I think it is.
That doesn’t mean you have to panic and run out and buy if you’re not ready to quite yet. It does mean that if you are out there looking at home to buy now, you need to understand that some areas of the city have already began to function more like a buyer’s market than a seller’s market. It’s not happening in every area, but it is happening in several of the more popular neighborhoods in the northeast heights.
Remember, real estate is hyper local. Market conditions vary from state to state, city to city, and from neighborhood to neighborhood. Contact me if you’d like to know how the market is doing in the neighborhood you want to live in, or visit my site that’s dedicated 100% to real estate stats in Albuquerque.