The Albuquerque real estate market is doing well. Really well, actually, according to the latest report from the Greater Albuquerque Association of Realtors.
The April real estate numbers for Albuquerque were outstanding. Not only were home sales up last month, but so were the median and average sales prices. Here are the details:
- Closed homes sales were up 7% year to date
- Median sales price was up 6%
- Average sales price was up 8%
- Home inventory was down 24%
Albuquerque versus Rio Rancho Real Estate Stats for April
There are similarities between the two markets as both cities fared well with positive numbers for home pricing and housing inventory. The only real difference is that the number of home sales in Rio Rancho was flat. Here are the details comparing the two:
- Albuquerque house sales were up 7%; Rio Rancho house sales were down 1%
- Median sales prices were up 4% in both Albuquerque and Rio Rancho
- Average sales prices were up 8%; Rio Rancho prices were up 7%
- Home inventory was down 27% in Albuquerque; 30% in Rio Rancho
Is the Real Estate Recovery Upon Us?
I’m not prepared to say that the Albuquerque real estate market recovery is upon is. I am comfortable saying that the real estate market transition is upon us.
If you look at the April numbers only, it would be a no-brainer. The numbers are overwhelmingly positive. However, a quick glance at quarterly stats shows that while home sales were up 12%, average sales prices were down 7%.
I think the most significant indicator of the market in transition are the home inventory numbers. Decreased inventory with increased market activity will inevitably lead to increased home sales prices. Once we see this for several quarters, then we’ll know it’s here.
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These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 05/10/2012. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included. To view GAAR’s report click here.