GAAR.com » News » Hot Market: Pendings Push Albuquerque Up Month by Month
Hot Market: Pendings Push Albuquerque Up Month by Month
Posted on Aug 07th, 2009
by M. Anthony Carr
Rated earlier this year as Forbes' #1 real estate market for the year, the numbers are finally starting to demonstrate strength in pending sales. The absorption rate for the city has dipped below the 6-month mark, after hitting a high of 12 months nearly a year ago.
The Greater Albuquerque Association of Realtors has reported jumps in pending sales month after month for the year and now closed sales are starting to outperform a year before. For June 2009, pending sales were up 9 percent for both year-over-year and month-to-month (from May to June 2009).
The inventory has been dropping for months and was down more than 11 percent in June compared to a year ago. Pricing has still been soft when looking over year-to-year numbers, however, in the last 8 months, the decline has stopped, and median prices of single-family homes has lingered around the $180,000 level.
Job growth is still a struggle for New Mexico as a whole, according to the latest data from the Bureau of Labor Statistics; but the numbers have begun to ease as unemployment dropped to 6.8 percent in June in Albuquerque, way below the national level of 9.5 percent.
Published: August 7, 2009
This article is reprinted with permission from Realty Times, www.realtytimes.com.
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Comments (2)
This is wonderful news...Not only rated earlier this year as Forbes' #1 real estate market for the year but also the strength our market continues to show month after month....Go Albuquerque!!
on Aug 10, 2009 at 2:53 pm
This article is a direct reflection of the undercurrent I am feeling actively selling out in the field. It is refreshing that my listings - even the ones over $300,000 - are moving again. Sure, they aren't selling within 2 weeks with multiple offers, but at least they are not failing sale altogether. Keep up the great stats, Albuquerque! Thanks GAAR for sharing this~
on Aug 09, 2009 at 10:10 pm
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