As the year comes to an end, I thought it would be interesting to take a look at real estate stats for the entire year. I’m going to start by looking at homes sales via zip code.
Real estate is hyper local. What that means is that home sales vary not only from state to state and city to city, but from neighborhood to neighborhood as well.
The same is true for zip codes as well.
Here are the top 5 selling zip codes for Albuquerque in 2013. ranked by the number of sales in each.
Top 5 Selling Zip Codes
- The 87114 zip code led the way in 2013 with 893 closed sales. The average sales price was $198,000. 25% of sales were short sales or foreclosures with foreclosures outpacing short sales by almost 2 to 1 ratio. The 87114 zip code includes the Ventana Ranch, Paradise Hills and Seven Bar Ranch to name a few.
- The 87120 zip code comes in second place with 806 closed sales. The average sales price was about $190,000.There were fewer short sales and foreclosures here, only about 22%.
- The 87121 zip code is the third place finisher with 764 sales. One of Albuquerque’s most affordable neighborhoods, the average sales price was about $112,000. Also one of Albuquerque’s newest neighborhoods, 51% of the sales in 2013 were short sales or foreclosures.
- In fourth place, the 87111 zip code placed fourth with 731 sales. The average sales price was considerably higher at $288,467. Short sales and foreclosures made up a much smaller portion of the market, only about 11%.
- A distant fifth place goes to zip code 87110 with 456 sales. The average sales price was about $172,000. About 18% of the sales were short sales and foreclosures.
Of course when it comes to which zip codes had the most sales, size really does matter. Some of the areas are larger than the others, so it makes sense that they would have more houses and therefore more sales. It’s not that I don’t realize this and haven’t taken it into consideration, however, my main purpose in this post is to introduce people moving to Albuquerque to some of the more popular parts of the city. Forgive me if I don’t calculate the number of sales per square mile or something like that. I’m just not that good at math.
That being said, it is definitely worth noting that zip codes 87110 and 87111 are in the older part of the city where the zip code areas are smaller. So in fact, if I did do the math I suspect these zip codes would fare extremely well. They might actually appear at the top of the list.
It’s also important to note that 87114, 87120 and 87121, the top three selling zip codes by the pure numbers count, are all located in newer areas of the city west of the Rio Grande where the largest zip code areas are. See a zip code map here.
Price Matters Too
It would also make sense that the top selling areas in most cities would be areas where the home values are affordable to moderate. That’s the case here. 87121 in fact, is the least expensive zip code in the city. Combine the affordability of that area with the large size of it too and you’ll see that this area has an unfair advantage in this top selling zip code derby.
So what if you’re considering buying a higher priced home like a luxury home? I’ll cover the Most Expensive Zip codes in Albuquerque next.
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by Albuquerque real estate agent Rich Cederberg, eXp Realty (505) 803-5012.