Albuquerque Housing Inventory Is Very Low
The inventory of homes for sale in Albuquerque NM is very low. The total numbe 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 demand is higher than the supply, home prices increase, which benefits sellers.
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.
This post was created on November 20, 2019.
Myers & Myers Real Estate is a full service real estate brokerage located in Albuquerque New Mexico. We help home buyers and home sellers in the Albuquerque metro achieve their real estate goals. Our website has every home for sale in the Southwest Multiple Listing Service. Check out homes for sale in Albuquerque, homes for sale in Rio Rancho, homes for sale in Corrales, homes for sale in East Mountains, homes for sale in Valencia County, and homes for sale in Los Lunas.