ALBUQUERQUE, N.M. (KRQE) It has taken a decade, but the Albuquerque housing market has finally recovered. The latest housing report shows sales prices have bounced back from the 2008 crash.
Experts say the housing market looks better than it has in years. "The market is strong, the economics are really rising. The economy is stable, it's a good time to make that move," said John Lopez, Greater Albuquerque Association of Realtors. "We never know what tomorrow's going to bring so right now if you're thinking about upgrading or actually downsizing, call your realtor."
Watch the story segment with GAAR President-Elect John Lopez:
Finally seeing the light of day. That's what realtors are saying about the Albuquerque housing situation.
As of Friday morning, there were 3,500 houses on the market -- a 15 percent drop from this time last year.
That means inventory is low, which is making the price go up. The median sales price for a home is just over $212,000. The last time it was this high was in 2007.
KRQE News 13 spoke to a man who just bought and sold a house, he says it's definitely a seller's market.
"We had three families take a look at the house and as a result we did receive three offers either at or above the asking price for the home," said Anthony Sanchez, Albuquerque resident. "I mean it sold after two days."
According to the Greater Albuquerque Association of Realtors, the average home stays on the market for 40 days. Realtors do say the seller's market won't last forever.
These sales figures include Albuquerque and Rio Rancho. The average sales price for a house in the area is $244,000.
Martinez, Allison. "Albuquerque housing market on the rise." KRQE News 13 (Albuquerque, NM) July 27, 2018.