ABQExpert finds a bit of surprising zen time at a cute, calm, and quiet town home in the middle of Albuquerque.
Attached Homes In Albuquerque
What’s the difference between an attached and a detached home? Nope, not the start of a joke. Just the start of many questions I am asked by buyers. An attached home is a property attached to another (say condo, town home, etc.). In Albuquerque, the attached market has been pretty steady with the detached–I’ll get to that soon.
This past weekend I hosted an open house for a cozy four bedroom town home in the middle of NE Heights Albuquerque. Located at 4208 Red Sun Drive, this home is close to I-25, Lovelace Women’s Hospital, and some good food and entertainment. Surprisingly, I didn’t even know about this little development just behind San Mateo and Montgomery. While there, I showed my Open House ropes to a new addition to my brokerage, Carla Francis. We both were pleasantly surprised about how quiet and calm things were (given its proximity to a somewhat busy part of town). Of course, this is my opinion during a short two-hour window so a buyer would have to make their own judgment.
This sweet town home has four bedrooms, two-car garage, fabulous under stair storage (seriously, Harry Potter would be comfortable), a lovely stone fireplace, and low maintenance patio backyard.
The most recent market statistics for the greater Albuquerque area (released by GAAR) show the attached housing market being strong. In August 2020, some key metrics for the attached market include:
- 142 New Listings (0 % change from 2019)
- 145 Pending Sales (+ 26.1% from 2019)
- 127 Closed Sales (+.8% from 2019)
- 25 Average Days on Market (-30.6% from 2019)
- 116 Inventory of Homes (- 55.9% from 2019)
What do these numbers mean? Well, much like detached homes we are seeing low inventory of homes (everything that is on the market available to purchase), more pending and closed sales, and lower average days on market. For sellers, this means a well priced, marketed home (especially in a desirable neighborhood) is not lasting long.
In addition, we are witnessing, much like the detached market, an increase in median and average sales prices. In August 2020, the median sales price was up 13.7% from last year to $187,000. The average sales price was up 13.6 % to $198,560. This means that homes are selling for a higher price compared to 2019. Low inventory (less competition), lower average days on market, and higher average sales prices all work together to make for a sellers market.
Thinking about buying or selling a town home or condo in the greater Albuquerque area? Want to see this great one before it is gone? Reach out today and let’s write the next chapter of your homeownership story!