As spring kicks into full gear, the market around Albuquerque is heating up. Here’s what’s going on right now.
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We’re back with a market update for you that covers the Albuquerque real estate market through March.
Home sales have been really hot, which is what I want to talk about first. As you can see in the video above, the big story has continued to be our lack of inventory. Especially under $200,000, we have 38% fewer homes available than we did last year.
Another good thing to look at is our supply of inventory, which is measured in months. If you look at the $200,000-and-under range, we only have 1.6 months of inventory. This puts us in a strong seller’s market for most price points. However, in the higher price points ($450,000 and above), we’re seeing more of a balanced market.
Low inventory continues to dominate most of the market.
Finally, let’s take a look at home sale prices. The average sale price right now is around $234,000, the highest we’ve seen in a long time. We continue to see a good amount of steady appreciation for homes. We can really see this in the average price per square foot, which is up 8% for all price ranges.
I hope this update has given you some good information. If you need more or if you just have any questions, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.