I thought it would be interesting to see which were the fastest selling zip codes in Albuquerque last month. The different Albuquerque zip codes are different in size and number of households, and to compare sales in one to another does not tell the whole story of the Albuquerque real estate market by any means. However, it does lead to some fun facts and interesting conclusions. Or at least it does for a real estate stats geek like me.
Here are the three fastest selling zip codes (plus one runner up) in Albuquerque during April 2013.
Fastest Selling Zip Codes
- Homes in the 87104 Zip code sold the fastest last month, averaging 25 days on the market. 8 homes sold ranging from $97,000 to $399,000, averaging $226,375. The 87104 zip code area extends from 12th street west to the river, and from the Tingley Beach/Country Club area north along Rio Grande to Candelaria. See map.
- Zip code 87108 was the second fastest selling zip code with homes averaging 39 days on the market. 22 homes sold ranging from $37,000 to $247,500, averaging $153,448. The 87108 zip code area extends from Lomas Blvd. south to Gibson Blvd. and from Carlisle Blvd. east to Wyoming Blvd. See map.
- Zip code 87112 was the third fastest selling zip code in Albuquerque last month with homes averaging 47 days on market. 36 homes sold ranging from $77,000 to $360,000, averaging $195,250. The 87112 zip code extends from Wyoming Blvd East to the Sandia Mountains and from Candelaria Rd. south to Lomas Blvd. See map.
- Zip code 87110 came in a close fourth. Homes averaged 49 days on the market in this popular zip code. 36 homes sold ranging from $48,500 to $370,000, averaging $165,558. The 87110 zip code area extends from Lomas Blvd north to Montgomery Blvd between Carlisle and Wyoming. See map.
Average Days on Market for Albuquerque
So just how good are these numbers? They are pretty darn good, considering that the average days on market for the city of Albuquerque was 66 days. That means the homes that sold in 87104 received offers 62% faster than average! 87112, the third fastest selling zip code moved 29% faster than average.
What do these stats really mean? It means the market is hot and homes are selling faster than they have been in recent memory. In fact, the average days on market stat was down 16% from 79 days in April 2012 to 66 days in April 2013.
Remember, however, that these stats are for the homes the sold and succesfully closed escrow. If you have your home on the market and it has taken longer than 66 days to sell, it means one of three things: your home is overpriced, your home does not show well to prospective buyers, or your home is being marketed poorly.
These statistics were compiled from the Greater Albuquerque Association of REALTORS®data on 05/19/2013. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.
by Rich Cederberg, Albuquerque Real Estate Agent, 505.803.5012.
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