The July real estate market stats were released today by GAAR (Greater Albuquerque Association of Realtors). The stats are mixed, indicative of a real estate market that is in transition.
City of Albuquerque Home Sales
Homes sales in the city of Albuquerque were up strongly year over year, and home inventory was down strongly, two strong indicators of a market that is in recovery. As you see from the details below, however, home prices are struggling to improve.
- Total home sales were up 16.4%
- The median sales price was down 3.36%
- The average sales price was down 1.51%
- Home inventory was down 20.57%
Rio Rancho and Albuquerque July Real Estate Markets Compared
The improving Albuquerque real estate market outpaced the improving Rio Rancho real estate market. Home values struggled equally in both communities.
- Albuquerque’s median sales price was down 3.36%, Rio Rancho’s was down 2.35%.
- Albuquerque’s average sales price was down 1.51%, Rio Rancho’s was down 2.31%.
- Home inventory was down 20.57% in Albuquerque and 19.46% in Rio Rancho.
What Direction is the Real Estate Market Headed?
While the market indicators may still be mixed, there is no doubt the market is recovering. We may see mixed numbers for the remainder of 2012 as the market adjust to the shortage of home inventory that exists in many areas of the city. The laws of supply and demand dictate that eventually prices will begin to rise and rise steadily.
To view home inventory levels for individual areas of the city, please visit my real estate stats blog for Albuquerque.
If you have been waiting to buy a home waiting for the market to bottom out, you should buy now. since I work in Albuquerque real estate every day, you should believe me when I say that the market has turned.
If you appreciate the time and effort it takes me to publish this real estate information, then please hit the Facebook Like button for me!
These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 08/13/2012. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included. To view GAAR’s report click here.