Albuquerque Housing Inventory Is Very Low
This article was updated on 12/16/2020.
The inventory of homes for sale in Albuquerque NM is very low. The total number of attached and dettached homes in the Southwest Multiple Listing System (SWMLS) is at 1,252. The inventory of attached and detached homes in Albuquerurque is 653. The number of attached and detached homes for sale in Rio Rancho is 170. This is the lowest inventory of homes for sale that I have seen. I became a real estate agent in 2010. The inventory is down more than 50% in most of these categories from a little more than a year ago!
Below is the original article written on 11/16/2019
The inventory of homes for sale in Albuquerque NM is very low. The total number of attached and dettached homes in the Southwest Multiple Listing System (SWMLS) is at 2,561. The inventory of attached and detached homes in Albuquerurque is 1,477. The number of attached and detached homes for sale in Rio Rancho is 317. This is the lowest inventory of homes for sale that I have seen. I became a real estate agent in 2010.
Albuquerque Is a Sellers Market
Seller’s market is a real estate term, indicating that there are more real estate buyers in the market than there are sellers. When deand ims higher than the supply, home prices increase, which benefits sellers. Home buyers are also competing with real estate investors that are paying cash for houses.
Average & Median Home Prices In Albuquerque
This is absolutley the case in Albuquerque, Rio Rancho New Mexico and the surronding areas. According the Greater Albuquerque Association of Realtors shows year to date average home prices have increased by 8% to $252,110. The report also shows the median home price is up 8.8% to $215,990. This data is from the GAAR October 2019 report and are for single family attached and detached homes.
What Does This Mean For Buyers & Sellers?
This is the best time to sell a home since before the real estate market crashed. Home prices are high and inventory is low. It is interesting that sellers still need to price their homes right in order to sell them. Sellers can price their home at the top of the market, but their homes will not sell if they are over priced.
This a tough market for buyers. Home prices are increasing fast and pricing many home buyers out of the market. Good homes priced right and below $250,000 will sell in a day to one week. This can be very frustrating for home buyers. They see a home hit the market and the sellers have sold the home before the buyer can view the home.
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Sellers Real Estate Agents In Albuquerque NM
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Buyers Real Estate Agents In Albuquerque NM
Our buyer’s real estate agents will help you find the perfect home for your needs and budget. We’ll make sure you find the right home, you don’t miss out on any homes that meet your goals, and we’ll help you negotiate the best price possible. Contact us today to get started on your home buying journey.
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This post was created on November 20, 2019.
