The Greater Albuquerque Real Estate Market continues to be strong. REALTORS® put 1,769 homes under contract in the month of June. For our Market Area, sales are up 9.5% for Detached homes since last month. Median and Average Sales prices are up for Detached and Attached properties since last year at this time. The number of new listings is going down since last month. This may be telling us that the Market is finally leveling off.
Homes sales in our Market Area have been increasing since January 2008. Our top three selling areas, Area 50 (NE Heights), Area 92 (SW Heights) and Area 120 (Paradise West) continue to be the top selling areas for May and June.
Most of the homes that are selling in our Market Area are between $200K and $250K. With FHA modernization the cap is about $271,000 and with the Average Sales price of $248,375 in Greater Albuquerque, we’ll see more consumers use the FHA Product. NMFA Bond money continues to help first time homebuyers achieve Homeownership.
The continued committment of Albuquerque Economic Development, local business, elected officials and REALTORS® make the Greater Albuquerque Real Estate Market a stable investment. The quote of “Real Estate is LOCAL” certainly applies to Albuquerque.
Cathy M. Olson, Chairman of the Board