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)
But before you go and declare a “seller’s market,” take a look at the last line in the quote above. “If sellers have a nice home priced well in a good location” – then sellers are seeing multiple offers in some locations.
At Vista Encantada we’re pleased that the Albuquerque market is showing strong signs of recovery. The average days on market have dropped from 78 in 2014 to 65 in 2016. The median sales price has jumped from $168,000 to almost $180,000. And we’ve seen a 15% drop in inventory from March of 2015. But remember, 65 days is an average number of days on market – which means that some properties in some areas are selling in days while other properties in other areas are sitting for considerably longer than 65 days.
It’s important to remember that there are three major factors for selling a property in any market: price, condition, and location. Sellers only control the first two. Even when a it’s considered a “seller’s market,” a poorly maintained property, in a bad location, that’s priced too high will sit.
The Albuquerque market is a diverse market space and can often be hard to predict. Our brokers can help you determine exactly where your home is in relation to the properties in your area so that you can make an intelligent pricing decision. And with continued low rates and indications that prices are rebounding, it’s still a very good time to buy.