Greater Albuquerque Market Report

Second Quarter 2010

With respect to number of new listings and closed sales, the Greater Albuquerque, NM Second Quarter 2010, Housing Market Report reflects overall improvement over performance during the corresponding period in 2009. Like the turtle inching its way across the road at the Open Space Center, the market is gradually inching its way up again.

Not surprisingly, sale prices have fallen, but not as much as some might have anticipated. Average price changes showed only a 2.69% decline as eleven areas in Albuquerque and Rio Rancho reported not only increased sales but increased prices. North Albuquerque Acres, Albuquerque Acres West, Foothills North, Academy West, UNM, Uptown, Northeast Heights, Foothills South, Fairgrounds, Southeast Heights, Downtown, Valley Farms, Pajarito, Far North Valley, Northwest Heights, Rio Rancho South, Rio Rancho Southwest, Rio Rancho North and Bernalillo/Algodones all reported varying levels of sales and price increases.

New listings entering the market increased 8.01% and closed sales increased by 20.55%. Of significance is that the market did not shut sown or freeze. The Homebuyers Tax Credit empowered buyers to write contracts; and sellers faced the harsh realities of a changed market, adjusted prices.

(Market data is provided by the Southwest Multiple Listing Service of the Greater Albuquerque Association of REALTORS®. Analysis is by Eloise Gift, Managing Broker of Gift Realty NM, Albuquerque New Mexico. Data is deemed reliable but not guaranteed.)