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April 2008 Home Sales Report

The Greater Albuquerque area once again defied the rest of the United States. The total homes sold, attached and detached, for April were 1,668 up from 1,616 in March. Days on market decreased to 66 days in April from a high of 71 in January. As reported in the USA Today, April 29, 2008, “Few areas of the country have been spared from the housing market meltdown, but some cities have managed to avoid the worst of the surge in home foreclosures. Consider Albuquerque.”

Demand for luxury homes has slowed but activity in the range of $249,000 and lower remains strong. That being said Rio Rancho showed the strongest price gains in the Albuquerque MSA with a 7.13% increase in average sales price from April 2007.

The same USA Today article reported from saying, “The area’s outlook remains bright. It continues to generate jobs and attract retirees. The city offers “resort-town ambience, a boomtown economy and cow-town prices.” Kiplinger has named Albuquerque one of the top 10 smart places to live in 2006.

“The Albuquerque area real estate market is strong and stable compared to other parts of the country,” says Cathy Olson, Chair of the Board of the Greater Albuquerque Association of REALTORS® “Housing remains affordable in Albuquerque as we continue to attract new employers ranging from film to high tech to government contracting.”

Cathy M. Olson, Chairman of the Board


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