Greater Albuquerque, New Mexico January 2011 Market Update
Across the state of New Mexico, home sales were up almost 3 percent from January 2010 and 14 percent from January 2009. Taos County led the rally, reporting almost twice as many sales as in January 2010. Santa Fe and Bernalillo Counties also reported increase in sales but with median price in both counties less than in 2010. Santa Fe’s median price was $311,000 and Bernalillo County $172,000.
In the Greater Albuquerque market area which includes Bernalillo, Sandoval, and Valencia Counties, the January closed sales for single-family detached homes was up 4.01 percent above those reported for January 2009, and the highest for the month since 2008. In January 2011 closed sales numbered 363 compared to 349 in January 2010.
The median sale price for single-family, detached homes in the Greater Albuquerque area was $172,240 in January 2010. In January 2011, it was $172,000. Average price was $205,624 in January 2010. In January 2011, it was $201, 239.
Both the inventory of homes for sale and the number of days it took to sell a home were also higher than in January 2010.
The top-selling price range was $140,000 - $159,999, slightly up from the November and December 2010 top-selling prices ranges with a maximum of $139,000.
Despite variations from region to region, the effects of unemployment and the continuing inventory of distressed properties (bank-owned and short sales) the consensus is that the New Mexico real estate market is beginning to stabilize statewide. With spring being the opening season, so to speak, of annual real estate sales, perhaps a brighter picture will evolve with warmer weather, clearer skies and blooming gardens that draw more people outdoors.
Data provided by the Greater Albuquerque Association of REALTORS® and the REALTORS® Association of New Mexico.
Analysis by Eloise Gift