2007 was not a bad market here in Albuquerque, NM. The average sales prices of single-family, detached homes in Albuquerque itself actually went up a full 7.4% in 2007 over 2006. The average sales price of these homes in Albuquerque was $247,032 in 2007, compared to $229,991 in 2006. Since 2006 was quite a banner year, these are pretty positive 2007 figures for Albuquerque, NM.The graph below says it all:
And Albuquerque sellers didn't have to haggle a great deal to get their homes sold in 2007. On average, these homes sold for 97.4% of asking price, with sales prices averaging $247,032 while list prices averaged $253,695. This compares pretty well with the 98.1% of list price that 2006 sellers averaged in Albuquerque.
On the other hand, the real estate picture in New Mexico was not completely rosy last year. The actual number of homes sold was down quite a bit in 2007 over the previous year. The total number of single family detached homes that sold in 2007 was only 6946, compared to 8540 such properties which closed in 2006. That's a rather dramatic 18.7% drop in the total number of sales posted through the Albuquerque Metropolitan Board of Realtors.
The number of days on the market for the average sale was also up, from 27 days in 2006 to 39 days in 2007, an increase of 44%.
So overall, Albuquerque's real estate market stayed quite strong in 2007, but it was not quite the "sellers' market" of 2006. It has become increasingly important for sellers to price a homes realistically, have it staged well, and select an agressive real estate broker who can market it effectively in order for property to sell at a good price in a reasonable time on the market.
Statistics above are based on data from the Albuquerque Metropolitan Board of Realtors, as of today's date.
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