Real estate news in Albuquerque for May, 2007 was pretty good, in many respects.

The Albuquerque Metropoitan Board of Realtors reports that home sales increased 12% from April to May, with 1020 sales.  The average price for a single family home in the Albuquerque Metro Area was also up, with a sales price average of $246,062 for May, compared with $243,023 for April.

All good news, so far. But there are some less palatable statistics available, too. While the number of sales was up compared to April, it was still below figure for the same month last year. In May, 2006, 1301 existing single-family homes sold in the Albuquerque Metro area, so the number of sales is down almost 22% when compared with the same month a year ago.

Another issue is the fact the the number of homes on the market is increasing steadily. At the beginning of May, 2007, there were 5292 homes listed for sale in the Albuquerque MLS, compared with only 3180 homes on the market in May of 2006.

Nonetheless, prices for the homes that have sold is actually up above last year's figures. That $246,062 average sales price for last May compares with an average sales price in May, 2006 of $226,835, which adds up to an increase of over 8%. Not too shabby!

So basically, the short story is this:

Sales prices of Albuquerque homes are up for the homes that are selling. But there are fewer homes selling, and many more competing homes on the market.

So it is especially important in the current market for home sellers to

• Make sure your home is in top condition, and "staged" well, so that it shows better than the competition
• Make sure your home is listed with an experienced and aggressive agent who will market the property thoroughly
• List your home at a realistic price, and not at a speculative price far above the comparable properties. This is not 2006; there are few "bidding wars" going on for homes these days!

For more information about Albuquerque Real Estate, visit our websites, or contact me any time: laura@laurawarden.com . Click below for information about:

• Albuquerque historic homes
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