Paradise East is a part of the Wetside Community of Greater Albuquerque. During the last three months, 19 homes sold in Paradise East. Currently, no homes are under contract awaiting escrow in the are. Seventy-two are actively listed for sale.
The homes that sold were on the market for an average of just over 75 days and sold at an average of 96% of their listed sales price. The average listing price of the sold homes was $230,000. The average selling price was $221,000. Homes currently listed are at an average price of $313,000.
Market Trends in the Greater Albuquerque Area
This Paradise East sub market reflects somewhat the market of the entire Albuquerque area that is seeing a decreasing inventory even though the number of new listings entering the market have increased. The combined total for active detached, single family homes, condos and town homes is just over 6,000. That's good! Also good is that we had more closed sales in February than in January but there are fewer pending sales (properties with accepted offers awaiting closing). In January we had 324 closings and in February, 343 - significantly less than at the same time in 2008. And not every market is seeing sales activity. The busiest areas of the Albuquerque Southwest Multiiple Listing Service community for the month of February were City of Albuquerque and Rio Rancho followed by the Los Lunas, Belen, Bosque Farms area.
Conclusion
It is difficult to evaluate the trend of the market based on current statistics. More new listings entered the market in February than in January but inventory is down and time on the market has increased. Average price decreased, but the median increased. Some Southwest Multiple Listing Service areas are seeing little or no sales activity. The mixed messages may be the result of seasonal adjustments or market conditions, or a combination of both. We hope the arrival of spring will bring a more clearly defined trend and help us clarify the direction of the market.
Reference: The Greater Albuquerque Association of Realtors - http://abqrealtors.com
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Eloise Gift, bilingual, Albuquerque, New Mexico real estate broker helps people realize their real estate dreams - "go from one little bit of Holy Ground to the next.
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Eloise, you are right it is hard to make a determination on what direction things are going from those figures, but look at it on the bright side, at least it is not conclusive that it is bad :) :)
Hi George- It is great to hear from you and share your ever hopeful outlook also. Being hopeful is important especially since we know it is all cyclical. The sun will come out, tomorrow, etc.
By the way, my graphic to respond is an edible tropical root that I like very much and have not had for many years. Where does Active Rain find these words?
Hi George- It is great to hear from you and share your ever hopeful outlook also. Being hopeful is important especially since we know it is all cyclical. The sun will come out, tomorrow, etc.
By the way, my graphic to respond is an edible tropical root that I like very much and have not had for many years. Where does Active Rain find these words?
Eloise - -interesting info. I am in Silver City, NM. We are seeing some slowing in activiity and Under Contracts. Prices are easing but not plummeting. Buyers are looking for bargains. Our sellers are not lowering prices very much.
In January, we had 50 units pending; today we have 26.
Have a good week-end.
Hi Linda,
the market is consistent in both our cities. I wouldn't be surprised if it were across the state. It has been a very gradual decline and it is always difficult to determine which way we are going. With interest rates well below 5%, the buyers seem to be getting a bit excited- more calls coming in. I can't think of a better time to buy.
Thanks for visiting and commenting.
Eloise - The February increase was in line with what was reported nationally; lets hope the trend continues.
Eloise Being fro Albuquerque originally I enjoy the picturers on your blog - takes me back, Karen