Market Update -Greater Albuquerque NM Area

A few days ago the Southwest Multiple Listing Service (SWMLS) issued a press release on local market conditions. Except for their apparently more significant percentage drop in the price of single-family detached homes, their evaluation of the market was in sync with my4th quarter evaluation based on my personal experience, market observation, and SWMLS statistics. It was clear that our single-family detached home sales were at their lowest ever in terms of price, number of sales, and days on the market. My evaluation, less detailed, did not specify the percentage decrease. (I take it for granted that my readers will do that math.)

Alas! SWMLS transposed some numbers and ended up with a steeper percentage drop in prices than actual. SWMLS issued a correction for that error. However, the essential truth remained, that residential real estate prices have fallen. The percentage drop was just not as significant as SWMLS reported. In the Greater Albuquerque Area, we are having real estate challenges just like everywhere else across the nation and perhaps the world. It's just that up to now, our challenges are still not as severe as in some other areas.

In the meantime we hope we are seeing the worst that the market can offer. We continue to do our part towards contributing to the stimulation of the economy for a rebound in the shortest possible time. We want to say good-bye to economic doldrums. We are thinking jobs, money, earnings to buy necessities - food, shelter, health care, nice homes that we can keep for as long as we want to.