Albuquerque Real estate Market Report - May

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Today, June 8, 2007, the Southwest Multiple Listing Service, the local MLS system of the greater Albuquerque Area of New Mexico, http://www.abqrealtors.com/industry/, increased its offerings with 219 newly listed residential properties and 22 previously taken off the market that were put back, thus making the total number of residential properties listed today 241.

Today, also, 86 properties were put in pending (taken off the market because someone contracted to buy them). An additional 50 properties are listed as sold. (These ended their escrow period successfully, definitely have new owners, and are off the market.)

If we assume that all the pendings will close, we may say that a total of 130 properties went off the market.

Doing a final tally, 105 more properties were added to the market than were taken off because they were under contract. The year's trend of an increasing inventory continues, leading to supply being greater than demand.

However, when the official report of the Southwest Multiple Listing Service for May is released, I expect it to confirm that the average and median home prices of $243,023 and $ $198,012 of April 2007 will not have changed substantially.

A total of 6,288 residential properties are on the market, not including those of most of the unrepresented sellers in the area. As the market rebalances itself, even though the inventory continues to rise, so do prices, holding true to the prediction for the area for 2007 and 2008.

In January, the average home price was $234,907 and the median $190, 000. The April figures reflect modest increases of 3.5 % and 4.2% respectively since then. The differences are moderate compared to the double-digit increases of the past three years. Considering the size of the inventory and the state of the market in several other areas of the country, these apparent modest increases are a strong indication that our market is continuing a positive trend.