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Albuquerque Market Stable - October 2008 Market summary.

By
Real Estate Broker/Owner with Pete Veres, CRS RE/MAX Elite - Elite Asset Management Team

October 2008 Greater Albuquerque Area Market Update

The Greater Area Market continues to be stable unlike the rest of the USA. Our market favors buyers with some excellent deals.  Listing inventory remains close to 6,000 listings where it has been for most of the year, giving Buyers an abundance of choice.

October saw 1,411 new detached residential listings come on the market. This number is down 6% from last month, following the similar trend for the last 3 years. There were 1,086 Pending and Closed Sales, down from last month, but the decrease is not unusual for this time of year.

Pending Sales in Albuquerque are virtually unchanged from last October, going from 406 to 402. Pending Sales in Rio Rancho went up 2% from last year at this time.

Median home sales for detached homes have gone up since last month. We see the highest increase in condo and townhome sales with an 18% increase in the Median Sales Price from last month.

Sellers can look forward to selling their single-family homes within 72 days and condos/townhomes within 53 days. The days on market for home sales in October went down from last month.

Now is an excellent time to buy in our area. Relocation opportunities are use, Active Adult communities are giving incentives and right now we can negotiate some incredible new construction homes starting from first time Home Buyers all the way into the Luxury Home Market.

We offer referral Fees to any licensed agent who send us a new client. Thank you.

If you would like to receive the Greater Albuquerque Area Monthly Update go to: www.AbqAreaUpdate.com.

For a Free List of news emailed to you with photos within your price range , area and requirements go to: www.VipbuyersProfile.com.

Have a great day!!

Posted by

Albuquerque Realtor Pete Veres CRS - Certified Residential Specialist ( Agent of the Highest Degree) continues to be one of the Top 5 RE/MAX Teams in New Mexico - The Elite Asset Management Team, Specializing in Sandia Heights, Far Ne Heights, Rio Rancho, Paradise Hills, Ventana Ranch, Corrales, Los Ranchos, and Placitas. Providing Exceptional Customer Service, Professionalism and Integrity...Period. Serving the Greater Albuquerque Real Estate Market. 

Sellers: contact us for your FREE Market Analysis and Sales and Marketing plan for the sale of your home.

Buyers: Call us to Schedule your Free Buyers Consultation or request your Greater Albuquerque Resource Guide by emailing me.

CDPE Certified Agents - Certified Distressed Propert Expert - Here to help you Avoid Foreclosure

                 

Comments (1)

Veronica DeCarolis
Weidel Realtors - Flemington, NJ

Thanks for the information. My daughter lived in Albuquerque for a year some time ago. I have been considering retiring there in a couple of years. Sorry I'm not in a position to buy now. Have a great day.  Bonnie

Nov 13, 2008 04:15 AM