I recently checked out the statistics on sales of Valencia County single family detached homes, and the outlook for NM property owners in Valencia County is not too bad!

In looking at average sales prices for Valencia County homes from 2003 through June 30, 2007, it is evident that prices have been climbing steadily, and continue to climb this year. In fact, average sales prices for the 1st half of 2007 (through June 30, 2007) were up 4% over the average sales prices for the year 2006 as a whole. If the same trend continues for the balance of 2007, the average price, and rate of increase, should go even higher. This is not too shabby, in a year when so many gloom and doom forecaster are crying "real estate bubble." Take a look at the chart at right for a visual idea of these figures:

The news is not completely unmixed however: the actual number of sales seems to be down somewhat. Through June 30, the Albuquerque Metropolitan Board of Realtors is showing a total of 343 sales of residential, single family properties closed. If this trend is exactly duplicated for the balance of 2007, that would indicated a total yearly sales figure of about 686 such properties. Comparing this to the 834 such homes in 2006, or the 751 properties in 2005, it is apparent that the market is slowing somewhat in terms of total number of sales. The figures are not all that bad, though, when one considers that 686 homes in 2007 would still be above the number of homes sold in either 2004 or 2005. The chart below will give you some more insights into these statistics:

So, residents of Bosque Farms, Los Lunas, Belen, and the rest of Valencia County, take heart! Our real estate values are still increasing, and the number of sales, while down a bit from the highs of 2006 and 2005, is still quite respectable. Perhaps a more worrisome issue is the simple number of homes on the market. Today, there are 6638 residential properties listed as active through the Albuquerque Metropolitan Board of Realtors. This is in comparison to about 2500 last February. The biggest issue is that supply is way up. while demand is a bit slower than last year.

So it's extremely important to keep a few things in mind if you want to sell your Valencia County real estate, or indeed any properties in New Mexico, this year:

1. Make sure your property shows its best: declutter, do the minors repairs and fix-up projects needed to put the place in top condition
2. Don't be too speculative with the price; this is not a market where you can get 20% more for your home than your nieghbor got for an identical property last year!
3. Marketing counts! Find an experienced, hard-working agent who will truly market your home, online, in print media. through specialty publications and locations, via tours and open houses, etc. make sure that your property is all over the internet, with great pictures, virtual tours, and descriptions, too. So many buyers are coming off the Internet these days. Just listing a property in the MLS with a single photo and crossing your fingers is not likely to work these days!

For more Greater Albuquerque Real Estate statistics, visit my website, www.LauraWarden.com , or contacdt me any time: NMBroker@earthlink.net.

Laura Warden, Choices Real Estate, 505-263-0665