Albuquerque Market Update
ALBUQUERQUE METRO STATISTICS for 2007
Home Sales 11,271 Homes Listed 38,976
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Single Family Homes (R1) 2007 Sales 9,653 |
Condo/Townhouses(R2) 2007 Sales 1072 |
Property Owners Experience Gains
The boom real estate markets of 2004 through 2006 brought increased demand for homes that culminated in record-breaking sales numbers for both resale and new homes. This period resulted in a strong seller’s market in which buyers frequently had to compete with other buyers to ‘win’ the home of their choice by making offers in excess of the asking price. The Metro area experienced record appreciation; however, the downturn in 2007 gave buyers much more choice as inventory increased and slowed the frenzy of the previous two years.
The good news for sellers is that most areas continued to appreciate. For example, in 2007 the Bernalillo/Algodones and Placitas areas north of Albuquerque and Rio Rancho experienced modest depreciation; however, the net gain for these two areas since 2004 is 44% and 51.8% respectively. Few people would complain about an investment with that kind of return. In fact, the overall net gain in average sales price for the metropolitan area is over 33 % since 2004. (shown highlighted)
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New Homes
In January of 2008, the U/S/ Commerce Department reported that new home sales fell (nationally) by 25% in 2007 – the steepest drop since 1963. Also, the median price of a new home (nationally) fell to $219,200, down 10% from a year ago. Albuquerque faired a bit better. According to SalesTraq of New Mexico, the average price of a new home in February 2007 for Albuquerque was $258,625; in February 2008 the average price was $252,592 – a decrease of 2.3%. In Rio Rancho for the same period, the average price was $317,553 and $310,036 respectively – a decrease of 2.4%.
