All Real Estate News is Local

While the national newspapers and internet sites like to speak of the nation as a whole when talking about the real estate market, I believe that, like politics, all real estate is local. Yes Albuquerque has a lot of homes on the market, yet we are seeing a lot of homes sold.

I have prepared the following chart to show you price ranges in the Albuquerque Market that are selling, and how much inventory we currently have of the market. For this analysis of have looked at the market east of I-25 plus Downtown and the North Valley. The new home builder inventory and sales are not included in the analysis, with the few exceptions where they were listed in the Multiple Listing Service.


List Price..............Inventory..Avg Monthly Closings..Months of Inventory
0 to $200K...............548.......................132............................4
$200 to $300K........671.........................90.............................7
$300 to $400K........329.........................39.............................8
$400 to $500K........179.........................16...........................11
$500 to $700K........175.........................14...........................13
$700 to $900K .........96...........................5...........................19
$900 to $1200K........48...........................2...........................24
+1200K................... ..59...........................1...........................59

Reading this chart shows that the current inventory of homes below $200,000 should be totally sold in the next four months. Since the National Association of Realtors defines a Seller market as a market with less than 6 months of inventory – the Albuquerque market below $200,000 is definitely a SELLERS market.

The market between $200,000 and $400,000 is basically a neutral market, with a total inventory of 7 to 8 months. Above the $400,000 list price we are definitely in a BUYERS market.

Whether you are a Buyer or a Seller you need to understand which part of the market you are in, and not pay attention to the national news. Only though a clear understanding will you understand the value of your home, or the home you want to purchase. Specific analysis of very specific market will show you exactly where you stand whether buying or selling.