Two homes, listed two days apart, both sold in under two days! Join ABQExpert as she talks about the housing market in the greater Albuquerque area.
“Have you thought about selling?”
“Now is a great time to sell!”
“It’s record low inventory!”
“We have so many buyers and not enough houses!”
If you are a homeowner you have almost certainly heard something like this from a real estate professional. I know I have said it here and to curious sellers. Why? Well, it is true. The city of Albuquerque (and surrounding areas) is experiencing a bit of a housing shortage. There are lots of buyers ready to jump into a house and grab hold of low interest rates and not enough houses to be sold. What happens? More often than not we see multiple offers, higher sales prices, and low days on market. All things that make homeowners very happy.
Both homes I listed, and now have under contract, were located in neighborhoods with a shortage of homes for sale. The first, listed in the Southwest Heights of Albuquerque. A popular neighborhood, close to the freeway and the soon-to-be Amazon Fulfillment center. The second, listed in Los Lunas, a suburb of Albuquerque about a 25 minute drive to the center of town. Popular neighborhoods like these are attractive to buyers who want to be away from the city center and offer space for living (and even working) from home.
Take a closer look at my most recent listing in Los Lunas: a split level home, five beds, three baths, and lots of features like new laminate flooring. I shot the virtual tour after I held it open and we were already under contract before I could share it today!
The Greater Albuquerque Housing Market
Wondering what things are looking like in just the last week (March 15th-22nd) for all home types we saw 382 new listings, 424 pending sales, and 309 closed sales. That is more homes going under contract than actually listing. Today, we only have a total of 692 detached homes in all of the greater Albuquerque area.
According to GAAR (Greater Albuquerque Association of REALTORs), in the month of February we saw increases in both median and average sale prices. Median sales prices increased 15.2% to $265,000 and average sales prices increased 16.5% to $310,801. These means not only are homes selling fast, they typically are selling for more money.
Wondering what selling would like for you? Unsure about the whole process? Feel free to reach out to me and let’s write the next chapter of your homeownership story!