The Albuquerque Journal is reporting that residential housing inventory has dropped, prices are up, and interest rates remain low. That’s good news for the Albuquerque market.
“We have slightly less than a three-month supply,” said Jon Schnoor, 2016 president of the Greater Albuquerque Association of Realtors. “Our biggest issue now is (sufficient) inventory,” he said, hopeful that more sellers will pull the trigger in the next few months to accommodate eager buyers.
“If sellers have a nice home priced well in a good location, they are entertaining several offers,” said Schnoor. “We haven’t really seen that many (competing buyers) in six or seven years.” (Albuquerque Journal)