The Albuquerque real estate market continues to recover while the news is mixed for the outlying areas. There’s outstanding news for the city of Albuquerque and the east mountain area, mostly good news for Rio Rancho, and mixed news for Valencia County.
Albuquerque Real Estate Market
Excellent news this month as all market indicators were positive. Especially exciting to see is the year over year increase in the average sales price. At 8.5%, that’s the largest increase we’ve seen in recent memory!
- Total sales were up 17%
- The average sales price was up 8.5%
- Home inventory was down 11%
The real estate stats were mostly positive, with one exception: home inventory was up.
- Total home sales were up 12.8%
- The average home sales price was up 4.3%
- Home inventory was up 5%
East Mountains and Valencia County Stats
East Mountain Stats
It was a good month all around in the east mountains:
- Total home sales were up 9.1%
- The average home sales price was up 7.3%
- Homes inventory was down 3.5%
Valencia County Real Estate Sales
The stats are all over the place for Valencia County:
- Total home sales were down 27%
- The average home sales price was up 42.3%
- Home inventory was up 41.8%
Real estate stats are usually reported for the entire metro area, at least on television and radio. However, real estate is hyper local. That means that market conditions vary not only from state to state or city to city, but from neighborhood to neighborhood. That’s why I have chosen to break down the stats further, to show a clearer picture of what the market may be like in your part of town.
While these real estate stats give you an accurate picture of the market in you area, if you’re thinking of selling a home, you’ll need to break it down even further. You’ll need to look at recent sales within a one mile radius of your property address to get a rough idea of what your home may be worth.
Thinking of Selling Your Albuquerque Home?
If you are thinking of selling your home in 2013, let me know so I can show you what the recent sales look like in your immediate area. You can’t get that data anywhere online; our MLS does not let closed sales data out to websites like Zillow or Realtor.com. You can, however, get it from a licensed NM Real Estate Agent like me. Just call or text me at (505) 803-5012. At a minimum I’ll need to know these details of your property:
- Address so I can pull recent sales from around your property
- Interior square footage
- Number of bedrooms and baths
- How many cars your garage holds
- Lot size and characteristics such as corner lot, view lot, oversize lot, RV access, etc.
- Anything else that you think should affect the value of your property such as recent improvements
These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 01/09/2012. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included. To view GAAR’s monthly report click here.