Two thousand six has been a great year for the Albuquerque residential real estate market. Unlike some other parts of the country where prices have fallen, Albuquerque has seen a rise in prices.
Sales have decreased leading to a rise in inventory giving buyers more choices, but with no negative effect on prices. Increases continue, but not at the consistent double-digit pace of the last few years. September's prices increased 7.5 percent, October's 8.4 percent, and November's, edged back up into double digits at 10 percent. The average sale price per unit increased to $233,512 from $212,593 in 2005.
The average price for condos and townhouses was $158,500 in November 2006 compared to $154,877 in November, 2005, a 2.3% increase. The median was $136,000, a 10.3 percent increase from November 2005, to $150,000 in November, 2006.
The significant increase in the inventory of resale homes gave buyers more choices and did not put a damper on the market. From November 2005 to November 2006, the supply increased from 1.89 month's supply to 3.95 months supply. In November 2005, 1130 units sold, but in November 2006, only 935 units - a decreased of 17.3 percent. .The record for residential sales units in any one month was August 1999 when 5,310 units were sold.
Two thousand six is great year for the number of resale homes, 12,633 units sold through November 2006, reflects the second best home resale period in the history of the region. When the final figures are tallied, it is believed that 2006 final resale totals will surpass those of 2005. In 2004, 12, 254 single family homes were sold, and in 2005, 14,330 units.
-Source: Albuquerque Metropolitan Board of Realtors
http://www.ambr.org/ambr/housing_statistics/
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