The conventional wisdom is that 2008 saw housing prices plunge dramatically, but, as in everything with real estate, it's all about location, location, location!

While the Greater Albuquerque Area real estate market did see a fairly small (4.3%) drop in the average sales price of single family homes, there were a large number of exceptions to this rule, and many of those exceptions were in the "green belt" areas of the Rio Grande Valley.

Most of the lush, irrigated areas in and around Albuquerque actually saw sales prices go up in 2008!

From north to south, the green valley areas of Bernalillo, Algodones, Corrales, the North Valley, the West River Valley, Bosque Farms and Peralta, Los Chavez, and Jarales and Bosque all saw increases in their average sales prices from 2007 to 2008. The graph below tells the story, with the average, 4.3% decrease of the greater Albuquerque area as a whole at left for comparison!

One might wonder, I suppose, whether this is just a one-time fluke. Perhaps these areas had already seen drastic depreciation in previous years, and were just finally catching up a bit?

NOPE!

Each of these areas has consistently seen proportionately greater increases in average home value than the average in the Albuquerque area! The graph below shows the average sales figures for single family, site-built homes over the past 5 years. At left, for comparison, are the overall figures for the Greater Albuquerque area as a whole. Compare the sharp increases in value in each of these areas of irrigated valley land, in comparison:

For anyone who's been worried about where to safely invest your money, take a look at these statistics, and consider the benefits of buying property in the North Valley or West River Valley in Albuquerque, or in Corrales, Bernalillo, and Algodones in Sandoval County, or Bosque Farms, Los Chavez or Jarales in Valencia County! Areas that appreciate like this at a time when real estate all over the country has plummeted should be a no-brainer for investors, and it sure beats what's been happening to our stock portfolios, no?

These are the kinds of areas that my husband, Brian, and I have specialized in for years. They are the areas full of big cottonwoods, lush fields irrigated by acequias, and loads of horse properties--- just our cup of tea! If it might be yours also, don't hesitate to give us a call at (505)239-4796, or drop us a line at nmbroker@earthlink.net!

(Statistics above are from data of the Greater Albuquerque Association of Realtors for the years 2004-2008. Figures of '04 and '05 for Jarales not available.)