May 2008 Home Sales Report

Published on Nov 06, 2008

The Albuquerque Market continues to improve, and it’s evident that finally, the negative media is turning into positive media. This month’s TOP Selling Price Range is $200K to $249K. The areas include Northeast Heights, Southwest Heights, and Paradise West. Jobs in the Greater Albuquerque Area substantiate purchasing power, as the average priced home sold for $247,295. Our home selling trend is GOING UP.

The absorption rate for the ABQ market shows that over the past year we have gone from a stable market to a buyer’s type market and even though it’s not as robust as 2005 we’re still selling homes. A six month supply of homes is considered a balanced market where buyers are nearly equal to the number of active listings.

And the Luxury Market? Well, 7 homes over $1,000,000 were sold in May-- another statistic that says Albuquerque is on the map! Take a look at the Median Sales Price graph; the median and average sales prices are going up. Additionally, there was a slight decrease from April on the Average Days on market for May. Last, but not least, Realtors put over 1,707 Detached and Attached homes under contract in May. I’d say it’s important to understand that every market is LOCAL, and we are fortunate to be in the Greater Albuquerque Area.

Cathy M. Olson, Chairman of the Board
505-263-7995
cathy@gaar.com