It’s been a long time since I’ve published an Edgewood NM Real Estate Report, but it looks like the market has been recovering quite nicely.
Over the next several days I’ll be looking at the other Albuquerque east mountain communities as well – Cedar Crest, Sandia Park and Tijeras. It will be interesting to see which areas are prospering and which are not.
Edgewood NM Real Estate Report
Closed Home Sales
Let’s start by looking at closed home sales. For any market to recover that’s the first thing that’s go to happen, and indeed, closed home sales have definitely been on the upswing. One thing to note here – I’m using stats for single family detached homes only – no manufactured homes are being used to create these stats.
Median Sales Price
As you would expect, the median sales price in Edgewood had been on the increase as well. When sales increase, sales prices usually do too. Sometimes it’s difficult to recognize trends, but not in this case! Since 2015, the median sales price has increased dramatically.
Median Days on Market
Wow! Look at the dramatic decrease in the median days on market for single family homes in Edgewood! Market time has been cut in half over the last two years.
Months Supply of Inventory
It was not that long ago the home inventory was in the 14 to 15 month range. Today it stands at just above four months of inventory. The National Association of Realtors says the 5 to 6 months of inventory indicates a balanced market. 4 months indicates a market that is leaning in favor of home sellers. That’s the first time we’ve seen anything like a seller’s market in Edgewood since perhaps 2005. The month’s supply of inventory stat is based on absorption rate, which you can read more about here.
Edgewood Real Estate Market Summary
I hope you have enjoyed this Edgewood NM Real Estate Report. There are no mixed signals here – all indicators suggest a strong market in Edgewood that favors sellers. What is a seller’s market? Homes are in great demand for buyers who have to move quickly on homes that are priced right and in good condition for fear of losing out to other buyers. Multiple offers happen sometimes when the supply of homes get this low, and make no doubt about it – multiple offers are great for sellers because budding wars drive home prices up.
Markets have momentum. They gain speed as they go. I expect to see home prices in Edgewood continue to increase for the foreseeable future.
Check back in a few days and we’ll see how other areas of the east mountains are doing. I’ll give you a hint right now – they are not all acting the same.
by Albuquerque real estate agent Rich Cederberg, eXp Realty (505) 803-5012.
There market stats were provided by the Southwest Mulitple Listing Service.