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The greater Albuquerque real estate market inventory continues to rise; a clear indication that the market is slowing. Currently over 6,000 residential properties are on sale.
The number of new listings is surpassing the number of sales. April, 2006 had 1,869 new listings. April 2007 saw the amount increased to 2,491. At the same time, closed sales decreased by 5%. In March 2007 964 homes sold compared to 910 in April 2007.
Another indicator of a slowing market is the average number of days that a property stays on the market before it is sold. Days on market increased from 71 days in April 2006 to 78 days in April 2007. Even so, the news is not all bad. The number of days on the market did decrease from March 2007 to April 2007.
Despite the slowing market, average home prices have remained stable. The April median sales price was $198,012 and the average, $243,023. Appreciation from April 2006 to April of 2007 has been a respectable 7%.
Sellers should not despair. As always, selling a home depends not only on the market but on the condition of the property, pricing it correctly, and having a responsible professional market it for you. "It is the best of times and the worst of times."
Buyers should not hesitate to take advantage of the large inventory and still favorable interest rates. Now, as at any other time, getting the right home at the right price depends on more than having a large supply of homes to choose from. Buyers still need the services of a skilled negotiator and someone who understands real estate law and practice to look out for their interests. It is also true for buyers that,"It is the best of times and the worst of times."
-Source: http://www.abqrealtors.com/industry/
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