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Market Holding Steady in New Mexico

Eloise Gift http://eloisegift.com/

gentle rippleThe real estate resale market activity report for the Greater Albuquerque area remains positive. The market shift has remained a gentle ripple.

Both median and average sales prices have moved up a notch. The median sales price is $198,500.00 compared with $189,800.00 in February. The average sales price is $239,311.00, compared with $234, 170.00 in February.

Closed sales also increased-up 30% from 820 in February to 1,083 in March, continuing an upward trend. The increase from January to February was only 10%.

The average number of days on the market has not increased. At 82, it remains higher than last year at the same time when it was 72. Nevertheless, this is a positive sign since it is remains the same as last month. In the boom years of 2005-2006 the average number of days on the market was 30 or less. (Source: Albuquerque Metropolitan Board of Realtors (AMBR)

In the new housing market, new permits issued are reported to be down, reflecting a national trend. However, announcements of new developments continue. To the many continuing small developments, and larger ones like Mesa del Sol of 133,000 acres in south Albuquerque, and Mariposa in north Rio Rancho, must be added SunCal's Petroglyph project. SunCal has announced intentions for a master-planned development of a 1,500 acre portion of their recent Atrisco Land Grant acquisition.

A positive sign in the new homes development community is the announcements by new major players that their developments are master-planned, embracing varying degrees of commitment to sustainability and building green. See What constitutes Quality of Life? - Green Awareness and SunCal's Westside.

Posted Wednesday Apr 18
( 04/18/07 07:54PM ) — Terry Haugen STAGE it RIGHT! 321-956-2495

Hi Eloise, there are two place in NM I love.  Cloudcroft and Mesilla.  When we lived in El Paso we used to go to both as a get away from the sand!  Nice to hear there is a market somewhere that is holding its own.

Terry Haugen - STAGE it RIGHT!

( 04/18/07 09:23PM ) — George Souto

Eloise, it is always good the hear of positive news, but give the News Media a chance they will find a negative spin on this.

( 04/18/07 09:53PM ) — Jennifer Fivelsdal, Rhinebeck NY

Eloise, that is certinly good news.  In my marketplace the number are down over last year in single family housing but positive in the condo and townhouuse category.

( 04/18/07 09:54PM ) — Matt Pendleton - Las Vegas Real Estate

I'd love to trade markets with you. 

( 04/19/07 09:43AM ) — Eloise Gift, New Mexico Real Estate

Terry- So, Terry, you are another person acquainted with the Land of Enchantment. I'm glad to hear you have some pleasant memories. You should write about them (Land of Enchantment) for us one of these days. I love the old square in Mesilla, and wish I could remember the name of the charming old restaruant right on the square. I had a delightful meal there. From El Paso, it is just a hop away, of course. Now I will have to visit Cloudcroft to discover the joys you found there. We will cross our fingers over the market. Thanks for commenting.

George- I think, the media concentrates on matters globally. I am so pleased that we have an opportunity on AR to share what is happening locally. Look at the different opinions on markets we have her in just five areas.

Jennifer- Your situation is different from mine at this point in time. We have few condos and towhouses, and as soon as they go on the market, are gobbled up. Our markets may coincide later or reverse roles. Who knows? We are capturing here, what is not know globally.

Matt- You also are at a different point in your cycle. I hope it will soon be up again. Can you make lemonade with the lemons you have? -:) Great to hear from you!

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