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Current Albuquerque Housing Market
As of November 20, 2006, Realty Times reports that interest rates are down from last month's
6.36% to 6.24% for a 30 year fixed interest rate loan. The number of homes sold thus far in 2006
(8885) is less than the number that had sold by November 27 last year (9262) and the supply of
homes is up by 1523 homes compared to this month last year. Increased supply will tend to make
more choices available to the buyer and tilts the market in the buyer's favor.
However, consider the trend over the past three years. Starting with 2003, 8130 homes sold at a
median price of $138,000 and an average price of $163,431. On a square foot price that was a
median of $86 and average square foot price of $88. Median days on the market was 29 days.
In 2004, 4065 homes sold at a median price of $143,000 or an average of $171,693. The square
foot price moved up to a median $90 per square foot and an average $92. In 2005 , 10,301 home
sales closed. The average price was $198,135 and the median price was $164,900.
For the year to date in 2006, 8885 home sales closed at an average price of $218,142 and a
median price of $181,900. The average days on the market for those homes was 28 days.
Additionally 947 homes were in pending status, meaning they had sold but not yet closed. These
homes were listed for an average price of $234,005 and a median price of $195,900. These
homes were on the market for an average 37 days. Compare this data to 2005 where the
average price was $198,135 and the median price was $164,900.
So, the rebalancing of the market continues. Prices are up over last year, however, so are the
number of homes for sale. September 2006 home sales fell from a year ago with sales
decreasing 17% from 1319 units sold in September 2005 to 1090 units sold in September 2006.
Sales also dropped in comparison to August 2006 when there were 1,250 sales for that month
however this decrease is not unusual as we enter the fall season.
The average interest rate for a 30-year fixed-rate mortgage increased from the same period last
year and was approximately 6.40 percent for the month of September 2006 in New Mexico. The
average rate in September 2005 was 5.32%.
The average and median prices for single family homes saw gains compared to the
corresponding values in September 2005 however the recent trend is downward. The average
and median sales prices fell from those last month. The data are presented below.
Single family home, average price:
$211,997 in September 2005
$226,322 in September 2006, an increase of 6.75% percent.
Single family, median price:
$171,000 in September 2005
$193,250 in August 2006, an increase of 13 percent.
Inventory of homes has increased significantly. As of October 10th, there were 4,322 single family
homes on the market, an increase of 102% from this time last year when there were 2,143 homes
for sale. This was also a 6% increase from September 10th of this year.
50% of the month's single family home sales occurred in the $100,000 to $199,999 price range.
31% of the sales were in the $200,000 to $299,999 range. 60% of the homes sold within 60 days
on the market in September 2006 whereas 62% sold in the same timeframe in September 2005.
In October New Mexico ranked ninth nationally with a 15.5% home increase for the year ended
June 30.
In the Greater ABQ area, there is speculation that investors are selling and sellers are still
thinking they can get top dollar before the market settles down. Well, the market has begun to
settle down to a more normal level and we see more and more home sellers lowering their prices.
AMBR: 2006 second best year for existing home sales
New Mexico Business Weekly - November 16, 2006
Albuquerque home sales continue to decline, dropping 11.7 percent in October while the
supply of homes on the market has doubled in a year, according to the the Albuquerque
Metropolitan Board of Realtors.
"While we have seen a slowdown in the October 2006 residential home sales statistics from
last October, we are having the second best year for resale homes in Albuquerque history
with 11,688 homes," said Cathy Colvin, chairman of the Realtors' board. "Prices on single
family detached homes have stabilized where there has been a slight drop in prices for
condos and townhomes."
There were 1032 existing homes (as opposed to new) sold this October compared to 1169 in
October 2005. In September, 1090 homes were sold, reflecting a 17 percent annual drop. The
market typically slows in November and December and is not as good a barometer as the
summer and fall.
The Duke City's decline started this summer, but its housing market remains stronger than
other western markets including Phoenix, Las Vegas and much of California. However,
severe slowdowns in those markets have an impact here, reducing newcomers from those
markets who can't sell their homes and move here, brokers say.
There is now a 4.1-month supply of homes on the market. A year ago when the market was
seeing multiple offers on homes, there was just a 2.1-month supply. |
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