A glance at the Albuquerque, NM MLS activity for the past 24 hours provides a great snapshot market report for greater Albuquerque area real estate. In the past 24 hours, the Albuquerque area MLS has seen the following activity:
As you can see, over twice as many new listings came ON the market as went OFF the market as "pending" sales going under contract, or as sales actually closing. If one adds the "back on the market" listings, which came back on the market because their sales failed to close, for whatever reason, the figures are even more dramatic. in fact, there are nearly 25% as many properties coming back on the market because they failed to close as their are properties actually closing.
There are over 50% more listings getting price reductions than listings going under contract.
Not available in this MLS graph are the "withdrawn" and "cancelled" listings. A quick check of the MLS today showed 13 withdrawn and 46 cancelled listings since yesterday, which indicated that more listings either expired or were withdrawn or cancelled than either closed or went into pending.
This has been the typical pattern around Albuquerque, NM for the past two months. The market has definitely been slowing, as more and more people are trying to sell, without the pool of buyers increasing proportionately.
Below is a snapshot of our current Albuquerque MLS inventory:
As you notice, we currently have 6312 residential listings in inventory. This may not sound at all alarming, given the much larger current inventory in places like Phoenix, say. But keep in mind, as recently as February, we had only about 2500 residential listings on the market! This is a huge increase, without a correspondingly large increase in the number of buyers looking. This means properties are taking much longer to sell.
It is more important than ever for sellers and listing agents to do everything possible to make sure a home is:
2 Comments on Albuqueque Real Estate Market Report: A Snapshot on June 13, 2007
JUN
13
2007
Brian, Thanks for the update. My parents were just in Albuquerque and the agents they spoke with seemed to present a much rosier outlook than the above stats would suggest.
Being here in the Albuquerque market I certainly agree that it is slowing down. On the other hand, that is not necessarily a bad thing. Last year at this time, house could be listed in the morning and sold by the afternoon. People got used o that. While our market is indeed slower itis doing much better than a lot of other places in the country.
I wonder if we have just forgotten what a "normal" market looks like after several years of rapid growth and quick sales. A lot of the sales, unfortunately, were to people who are now finding it difficult to pay the increased monthly mortgage and unable to budge very much from their prices because of what they owe.
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As you can see, over twice as many new listings came ON the market as went OFF the market as "pending" sales going under contract, or as sales actually closing. If one adds the "back on the market" listings, which came back on the market because their sales failed to close, for whatever reason, the figures are even more dramatic. in fact, there are nearly 25% as many properties coming back on the market because they failed to close as their are properties actually closing. 
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Brian, Thanks for the update. My parents were just in Albuquerque and the agents they spoke with seemed to present a much rosier outlook than the above stats would suggest.