Yes, despite all the gloom and doom media info floating around out there, the statistics are in, and home prices were UP in Albuquerque for the month of May, 2008!
A recent article in the Albuquerque Journal detailed specifics about this encouraging real estate trend for Albuquerque, NM and surrounding areas.
The median sales price for the Albuquerque Metro Area this past June was $205,000, up 3% compared to May of 2007. The average sales price was up as well, from an '07 figure of $246,062 to an '08 figure of $247,295.
Part of the good news was that higher-end home sales have improved, with seven homes in the $1 million plus market selling in May. The increase in sales of luxury homes has aided the overall increases in sales statistics.
Lest you think we're back in a "sellers' market," though, there are some other statistics that aren't so rosy! The actual number of homes selling is down substantially this year over last, and that goes for May as well as the rest of the year. The Albuquerque Board of Realtors tracked on 674 homes closing during May 2008; in May 2007, over 1000 homes closed! So, while prices are holding steading, and even edging up, there are an awful lot of homes sitting longer on the market. So sellers can't afford to get complacent. It's still very important to have your home priced competitively, marketed cleverly and aggressively, and showing at its best in order to have your home appear next month in the "sold" column rather than lingering around in the "still on the market" category!
Some more detailed statistics show the number of properties selling by area and by price range. See the charts below:
As always, for more information about the Albuquerque Real Estate market, or about specific properties, check out my website at www.LauraWarden.com, contact me any time by cell phone at 505-239-4796 or by email at email@example.com.
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