There are many reasons to feel positive about the Albuquerque Real Estate Market in 2012. Here are 7 reasons to feel optimistic about real estate in the new year!
- Home inventory in the Albuquerque metro area is the lowest it’s been in recent memory. Inventory for single family detached homes has not been this low since January of 2007.
- The absorption rate is the lowest since April 2008. The absorption rate is the number of homes available divided by the number of homes closed in a month and is good indicator of market conditions.
- Closed Sales in the metro area were up 4.9% in November. Rio Rancho was the leader with a 35% increase in closed sales in November.
- Home Inventory was down 18.37% year to date. Wow, that means less homes for buyers to choose from. Buyer’s are you listening?
- Pending sales in the east mountain area were up 123.53%. OK, I’m not a fan of pending home sales stats, because they don’t always result in an increase in closed sales the following month, but come on, no matter how you slice it, a 123% increase is something to cheer about. Wow!
- Closed sales in Valencia County were up 11.54%. From Rio Rancho down to Belen and over to Tijeras and Cedar Crest things are picking up.
- Last summer Albuquerque real estate market experienced some of the lowest home inventory numbers in recent memory. Areas 10, 42, 70, 92, 101, 111 and 120 (yes, some of these neighborhoods are westside) had less than 6 months of inventory.
Happy New Year! It’s going to be a better year for Albuquerque homeowners who want to sell because right now, the likelihood of selling is better than it’s been in a long time. If you’re looking to buy an Albuquerque home what are you waiting for? Prices are down, interest rates are incredibly low, and there is still plenty of inventory to choose from.
Please call me at 505.750.1846 and let’s get started looking for your new home!
These statistics were compiled from the Greater Albuquerque Association of REALTORS®data on 12/27/2011. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.
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