In the month of July the Greater Albuquerque Association of Realtors reported 898 closed single-family, detached homes and condos, which is an increase from June’s statistic of 871. Just about 1,000 homes are experiencing pending sales, and more than 1,700 new homes came on the market.
As usual, $250,000 and below is the hot price range. In fact, 71% of sales were below the magic $250,000 mark, $250-$500,000 range represented 23%, leaving 6% to the upper-end market with 52 homes sold. The upper-end market just hasn’t seen the strong activity that the affordable price ranges below $250,000 have enjoyed. Again, the under $250,000 magic market was hottest in the Northeast Heights and close-in Westside. The outlying areas, such as the East Mountains, are experiencing the same predicament as the upper-end.. but you really never know when activity will just pick up. In fact I just took over a listing in the east mountains a couple of weeks ago that had been on the market for 6 months with another agent… this week we received multiple offers were able to get that home sold.
Of course, I'm keeping a close eye on supply and demand. As I mentioned, in the month of July we saw 1,723 new homes come on the market. That number was nearly the same in June with 1,727 new listings. That tells me that we are still very much in a buyer’s market with lots of homes for buyers to choose from. As we talked about a couple of weeks ago, that means sellers have to be realistic when pricing their home in order for their property to stick out to a buyer!
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