Overview

In the Greater Albuquerque Market, inventory is shrinking (thumbs up), number of days on the market has increased (thumbs down), volume of sales has declined (thumbs down), and average and median prices are the lowest of the year (thumbs down). Nevertheless average condo and townhome prices are their highest since 2001 (thumbs up) and for single-family detached homes, only 2006 and 2007 record higher average and median prices. (Not bad!)

Single Family Detached Homes

During the last quarter of 2008 in the Greater Albuquerque Area, 3,448 single family new listings entered the market, the lowest number of all four quarters.  Similarly, the number of total active listings, 5, 237 was the lowest. Of these, 1, 545 went into pending (contracts written) and 1,389 closed at an average sales price of $218,900 and a median of $182,500.  Of the homes that sold, the average number of days on the market was 75.

For single detached homes, the 4^th quarter saw the lowest sales, the lowest average price the lowest median price, the longest number of days on the market, and the lowest number of closed sales. In the 1^st quarter, we recorded 5, 943 total active listings with 5,244 new listings entering the market. The average sales price was $229,100, the median $188, and average days on market: 71.

Condos and Townhomes

For condos and townhomes, the picture was somewhat similar to that of single family detached homes. In the last quarter of 2008, 397 new condo and townhome listings entered the market. We had a total of 611 active and of those we sold 169. The average price was $160,000 and the median, $159,000. The number of days on the market was slightly higher than that of single detached homes: 79 days.

We had fewer condo and townhome listings entering the market than we did in the first quarter of the year. Fewer sold than in the first quarter (210) and the number of the days on the market (79) was the highest for all four quarters. The average price was slightly lower -- $160,000 compared to $162,600 in the first quarter and $167,000 in the second quarter, but definitely higher than in the third quarter when the average price fell to $155,700.

Prices rebounded slightly from the second and third quarters for condos but single detached homes registered a steady decline in prices (thumbs down), number of homes sold (thumbs down), number of days on the market (thumbs down), and in inventory (thumbs up).
Information courtesy of Greater Albuquerque Association of Realtors http://abqrealtors.com

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