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RSS Feed2006 A Great Year for Albuquerque Residential Real Estate |
Dec. 27, 2006
Categorized in: Real Estate Attractions
Tagged with: albuquerque, albuquerqueresidentialrealestateprices, goodmarket, prices, realestate, residentialrealestate
Albuquerque, New Mexico Real Estate
Great Year for Albuquerque Residential Real Estate — Rising Prices Despite Rising Inventory
Two thousand six has been a great year for the Albuquerque residential real estate market. Unlike some other parts of the country where prices have fallen, Albuquerque has seen a rise in prices.
Sales decreased, leading to a rise in inventory that gave buyers more choices, but with no negative effect on prices. Increases continue, but not at the consistent double-digit pace of the last few years. September's prices increased 7.5 percent, October’s 8.4 percent, and November’s, edged back up into double digits at 10 percent.
The average sale price per residential unit , including detached, townhouses, and condos, increased to $233,512 from $212,593 in 2005. The average price for condos and townhouses was $158,500 in November 2006 compared to $154,877 in November, 2005, a 2.3% increase. The median townhous/condo price was $136,000, a 10.3 percent increase from November 2005, to $150,000 in November, 2006.
The significant increase in the inventory of resale homes gave buyers more choices and did not put a damper on the market prices. From November 2005 to November 2006, the supply increased from 1.89 month’s supply to 3.95 months supply. In November 2005, 1130 units sold, but in November 2006, only 935 units — a decreased of 17.3 percent. .The record for residential sales units in any one month was August 1999 when 5,310 units were sold.
Two thousand six has been a great year for the number of resale homes;12,633 units sold through November 2006, reflects the second best home resale period in the history of the region, and because of the number of homes under contract and not yet sold, indications are that the 2006 final resale totals will surpass those of 2005. In 2004, 12, 254 single family homes were sold, and in 2005, 14,330. Here in Albuquerque, we are optimistic about continued real estate success in 2007.
Happy New Year!
—Source: Albuquerque Metropolitan Board of Realtors
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