Greater Albuquerque Area
Several indicators in the February 2011 real estate report for the Greater Albuquerque area point to a recovering, not a recovered market. Median sales price, average sales price, closed sales and dollar volume of closed sales were all higher than in February 2010. However, median sales price although higher than in February 2010, was lower than in January 2011. It is significant to note that price increases seem to be consistent. Average price at $220,299, reflects an increase of 6.60 percent above last February’s average and is higher than the annual average for 2006 (the third highest recorded since the peak in 2007.
The number of pending sales (homes with contract awaiting closing) were lower than in February 2010 but higher than in January 2011. Also, the inventory of homes for sale was down to 4,791 in January 2011 but was up again to 4, 823 and closer to the February 2010 level of 4,929. The highest selling price ranges were $119,000 and $249,000, indicating that homes in the upper price ranges seem to be still sitting out the downturn. Some stars only, not all, are aligned for market recovery. The increased inventory and average number of days (up from 81 to 89) it takes to sell a home, continue to help shape and define the market Distressed properties sold as foreclosures and short sales also remain a part of the equation.
State of New Mexico
According to the REALTORS® Association of New Mexico, the February 2011 report for the entire state of New Mexico is somewhat different than that of the Greater Albuquerque area. Statewide, half of the counties McKinley, Los Alamos, Sierra, Bernalillo, Santa Fe) saw sales increase while half saw a decrease, resulting in overall February sales that were lower than sales in February 2010 even though year-to-date sales of 1600 were 1 percent higher than year-to-date 2010. Also, across the state, the median price of $165,000 in February was 1.8 percent lower than $168,999 reported for February 2010. The trend is consistent with the National Association of REALTORS national survey that reveal REALTORS® and homeowners expect prices to remain the same or decline in 2011. (Information supplied by Realtors Association of New Mexico.
