Exploring the UNM North Neighborhoods: A Hidden Gem in Albuquerque
The UNM North area of Albuquerque is a collection of neighborhoods that offers a unique blend of history, diversity, and charm. From Altura Park to Netherwood Park, this region is a tapestry of lush parks, distinctive homes, and vibrant community life.
Discovering the Neighborhoods
Stretching from Central Avenue to I-40 and from I-25 to Carlisle, the UNM North area encompasses several neighborhoods, including Altura Park, Netherwood Park, Netherwood Village, Spruce Park, and North Campus. Each neighborhood has its own character and appeal.
Altura Park is known for its large homes and spacious lots, making it a desirable location for families. Meanwhile, Netherwood Park is famous for its expansive park and the Tennis Club of Albuquerque, where members can enjoy tennis tournaments and even Mahjong lessons.
The abundance of parks in the UNM North area is a major draw for residents. These green spaces provide a perfect escape for relaxation and recreation.
Spruce Park, also known as “Pill Hill,” is steeped in history with its old doctors’ offices. Altura Park and Netherwood Park offer sprawling spaces for outdoor activities. Hidden Park, or McDuffy Park, is a secluded gem enclosed by homes, offering a private retreat for those who know where to look.
Bataan Memorial Park adds to the area’s allure, providing ample space for picnics and leisurely strolls. The North Campus Golf Course is another highlight, offering a lush escape for golf enthusiasts.
The real estate market in the UNM North area is as diverse as its neighborhoods. With a variety of property types and price points, there’s something for everyone.
Currently, there are 16 properties on the market, averaging 2,600 square feet with an average list price of $632,000. Prices range from $324,000 for a home on Truman Northeast to nearly $1 million for a property on Altura Avenue in Altura Park.
The diversity in home styles is a defining feature of the UNM North area. From small Pueblo-style homes to contemporary designs, the architectural variety is impressive.
Spruce Park, for instance, boasts custom designs with mid-century modern and contemporary influences. This variety reflects the mixed heritage of the area, where different builders have left their mark.
Currently, there are 13 houses pending sale with an average list price of $450,000, highlighting the area’s strong demand. Over the past year, there have been 134 sales, with prices ranging from $209,000 to $805,000.
These figures indicate a healthy market, with properties moving quickly and a wide range of options available to buyers.
The UNM North area is a beloved region of Albuquerque, offering a mix of history, culture, and convenience. Its proximity to hospitals, offices, and downtown makes it an ideal location for university associates and professionals alike.
Whether you’re drawn to the area’s parks, diverse home styles, or vibrant community life, the UNM North neighborhoods have something for everyone. It’s no wonder that this area continues to be a sought-after destination for homebuyers.
Top Realtor EXPOSES Flawed Reporting on Realtor.Com
UPDATE 2:On Wednesday, January 29th, the Albuquerque Journal reached out to Tego Venturi to help get clarification on the issue. You can read their article, including Tego’s full comments in the article here.
UPDATE 1:As of Tuesday, January 28th, Realtor.com actually removed their article. However, at the time of its removal it had already been shared and reposted by several outlets including the New York Post. Stay tuned as we continue to address these inaccuracies and work towards a transparent real estate market in Albuquerque.
ORIGINAL POST: It’s been a whirlwind in the world of Albuquerque real estate this week. You might have heard some buzz about cash sales and a certain controversy involving Realtor.com. Let’s dive into the details and clear up the confusion.
Breaking Down Home Purchase Data
We’ve been looking into how homes are purchased in Albuquerque, and here’s what we found for 2024: about 14.5% of homes were bought with cash, 60% with conventional loans, and another 14% with FHA loans. These numbers are pretty standard and expected.
The Realtor.com Controversy
Last weekend, a story from Realtor.com made waves, claiming that 71% of homes in Albuquerque were bought with cash in October 2024. This was a massive overstatement and simply not true. It led to assumptions about investors flooding the market, which just isn’t the case.
Setting the Record Straight
After seeing this, Tego reached out to Realtor.com for clarification. Despite his efforts, the response was minimal, and the data remains unexplained. It’s essential to note that Realtor.com is managed by Move Inc., not directly by the National Association of Realtors, which might explain the disconnect.
Impact on the Market
Such misleading data can significantly affect consumer perceptions. If potential buyers believe that the majority of homes are sold for cash, they might feel discouraged, thinking they can’t compete. This isn’t good for anyone involved in the market.
Local Association’s Response
Thankfully, the Greater Albuquerque Association of Realtors issued a statement supporting the accurate data we presented: only 14.4% of homes were cash sales in October 2024. This helps reassure the market and correct the narrative.
Frustration with Inaccurate Data
As a team who values accurate market data, this situation has been frustrating, especially for our market expert Tego. Incorrect information can harm the market’s integrity and mislead consumers. We’re committed to providing reliable data to support informed decisions.
20 Years of Change: How Albuquerque's Housing Market Evolved from 2004 to 2024
As we step into the new year, it’s a perfect time to take a step back and analyze the Albuquerque housing market with a big-picture perspective. While we usually focus on monthly updates, this year’s annual overview reveals some fascinating trends spanning decades. Let’s dive into the 2024 market data to understand what shaped the year and what it means for buyers, sellers, and industry professionals.
Home Sales: Stability Amidst Change
In 2024, the average monthly home sales in Albuquerque reached 802 units, a modest 0.5% increase from 2023’s 797 units per month. While this stability is encouraging, the number remains significantly below the highs of 2020 and 2021, where monthly sales exceeded 1,200 units. Pending sales also saw a slight uptick, rising 3% year-over-year to 828.
New Listings: Inventory Challenges Persist
The number of new listings in 2024 averaged 1,027 per month, a 7% increase from the historically low levels of 2023. However, this figure still reflects a constrained market, with sellers hesitant to list their homes. The “lock-in effect,” driven by historically low mortgage rates, continues to discourage potential sellers from moving, keeping inventory tight.
Active Listings: A Slight Rebound
The number of active listings saw a 26% increase from 2023, with an average of 1,754 active listings per month.
Despite this improvement, inventory remains below pre-pandemic levels.
For context, in 2019, a more “normal” market, the average monthly active listings were 2,727.
This limited inventory continues to influence market dynamics.
Days on Market: Homes Still Selling Quickly
The median days on market (DOM) for 2024 stood at 15 days, meaning half of the homes sold in less than two weeks. The long-term average for median DOM is 30 days, highlighting how the current market still favors sellers. However, the average DOM increased to 33 days, up from the pandemic lows but still below the 40-day average of 2019.
Months of Supply: A Strong Seller's Market
The months of supply—a key indicator of market balance—remained at 2.2 months in 2024, well below the 4-6 months considered a balanced market.
This tight supply continues to sustain a strong seller’s market, although the level of competition varies by price point and location.
Home Sale Prices: Long-Term Trend
Home prices in Albuquerque continued their long-term upward trend.
Comparing the fourth quarter of 1994 to the fourth quarter of 2024:
Median priceincreased from$111,000to$357,000.
Average pricerose from$127,000to$409,000.
220% growthover 30 years.
The average annual growth rate over the past three decades was3.95%, demonstrating consistent long-term appreciation.
List-to-Sell Ratios; Modest Discounts in 2024
In 2024, homes sold for an average of 99% of their list price at the time of contract, indicating a slight 1% discount from asking prices. However, the original list-to-sale price ratio averaged 97%, reflecting a 3% overall discount as some sellers adjusted their pricing to meet market conditions.
Total Dollar Volume: A Strong Showing
The total dollar volume of real estate sold in 2024 reached $3,845,957,452 slightly higher than 2023’s $3,669,764,269 and marking the fourth-highest year on record.
The record remains with 2021’s $4,752,021,509, but the 2024 figures highlight the resilience of Albuquerque’s housing market, driven by rising home values.
What It All Means
The Albuquerque housing market in 2024 demonstrated resilience and stability despite broader economic uncertainties. Key takeaways include:
Inventory remains tight, driven by the lock-in effect, low seller activity, and a moderate number of newly built homes on the market. There is no indication of a large amount of homes coming to the market for 2025.
Prices continue to rise, reflecting consistent long-term appreciation. 2024 was moderate compared to 2020, 2021, & 2022, but it appears (once all the final data is in) it will be greater than the long-term average.
The market remains competitive, especially for well-priced homes in desirable areas.
The Long-Term Albuquerque Real Estate Market is reinforcing its reputation for consistent price growth. Though the region has gone through some fluctuations that have affected the national housing scene, it has generally steered clear of the dramatic shifts observed in other markets.
The combination of tight inventory, moderate new construction, and long-term demand has sustained a resilient housing environment. Even in the face of broader economic uncertainty, Albuquerque’s consistent growth and stable market conditions offer confidence to buyers, sellers, and real estate professionals alike.
2024 Year-End Takeaways for the Albuquerque Housing Market
2024 has been a fascinating year for the Albuquerque housing market, marked by stabilization after the rapid growth and fluctuations of recent years. Let’s dive into the key trends and insights revealed by the data, and how they compare to previous periods.
Inventory and Market Activity
Active Listings averaged 1,758 monthly for the year, with a low of 1,353 in February and a peak in October of 2,110. October also had the highest number of listings since December 2019. This reflects an improvement in inventory compared to the ultra-low levels of the pandemic era, with a low of 749 in March of 2022.
New Listings averaged 1,027 per month, slightly below pre-pandemic levels, hinting at seller hesitation, possibly due to “golden handcuff” effects from low existing mortgage rates. This is 7% more than the 960 per month in 2023, but prior to that, we need to go back to 2004 to have this few.
Pending Listings remained steady compared to 2023 at 829 per month, signaling consistent buyer interest despite higher mortgage rates.
Home Prices
The Median Sale Price of homes closed in December was $355,000, a 7.6% increase from Dec 2023.
The Average Sale Price of homes closed in December was $413,595, a 8.7% increase from Dec 2023.
The List-to-Sale Price Ratio ended at 98.5%, down slightly from peak years, indicating less competitive bidding wars.
The Average List-to-Sale Ratio for 2024 was 98.9%, which is still more than the long-term average of 97.8%.
Long-Term Albuquerque Home Price Trends
A look at the home trends from the 4th quarter of 1994 to the 4th Quarter of 2024.
Median Home Price: $111,500 in 1994 to $357,396 in 2024
Average Home Price: $127,547 in 1994 to $409,138 in 2024
For 2024, the Average DOM was 33, and the Median DOM was 15, indicating a balanced market compared to pandemic lows.
Pandemic Impact: DOM hit record lows in 2020–2021 (e.g., Median DOM of 4 in 2021). Since then, values have gradually risen, reflecting a “slower” but still active market.
Historical Context: DOM in 2024 is faster than pre-pandemic norms (e.g., 2017–2019 Average DOM of 39–49) and much faster than the sluggish market during the 2008–2011 recession when the Average DOM peaked at 84 days, with Median DOM at 56.
Key Observations
Moderation in Price Growth: The market moved toward stabilization of price growth, which is healthier for the long-term sustainability of home prices.
Demand is Resilient: Despite higher interest rates and slower sales, buyer demand stayed steady, particularly in desirable price ranges.
For Sellers: Price to current market and competitively. Buyers are discerning and less willing to overpay in a cooling market.
For Buyers: Take advantage of the slight increase in inventory and negotiate favorable terms, especially on properties with longer days on the market.
For Buyers and Sellers: Seek Real Estate Professionals who have detailed market insights and can educate your sellers about the ever-changing and shifting market dynamics.
Looking Ahead
The Albuquerque housing market is showing signs of normalizing after an extraordinary period. Expect 2025 to bring continued stabilization as sellers adjust expectations and buyers navigate affordability challenges.
Albuquerque Housing Market Trends: December 2024 Update & What Buyers and Sellers Need to Know
As we dive into the December 2024 Albuquerque housing market trends, we’re giving you a quick snapshot while Tego Venturi prepares his full market analysis later this week. Whether you’re buying, selling, or just curious, here’s a look at the key stats shaping the Albuquerque real estate market right now:
Albuquerque Housing Market at a Glance
Homes for Sale: 1,584 homes are currently listed, showing a 13.5% increase from December 2023. With more inventory on the market, buyers are seeing more choices, but it’s still a competitive environment.
New Listings: 617 new listings hit the market this December, with no change from last year. While new homes continue to appear, the pace has remained steady.
Days on Market: Homes are now spending an average of 42 days on the market, up by 23.5% from December 2023. This increase in days on market might indicate that buyers are taking a bit more time to make decisions, but homes are still selling.
Average Price: The average home price in Albuquerque is $413,595, reflecting an 8.7% increase from last year. Home values continue to rise, and sellers are seeing significant returns on their investments.
Cost Per Square Foot: The average cost per square foot is $213, up by 6.0%. As home prices climb, so does the cost for each square foot of living space.
Number of Sales: 784 homes were sold in December, a 9.5% increase from the previous year. Despite the increase in days on market, sales are still strong, signaling continued demand.
What Does This Mean for Albuquerque Buyers and Sellers?
The December 2024 market in Albuquerque is showing solid growth in listings and home values, with prices continuing to rise. Sellers can take advantage of the increased inventory and strong demand, while buyers might find opportunities for negotiation as the days on market increase.
If you’re looking to buy or sell in Albuquerque, it’s crucial to stay informed about the market’s shifting dynamics. For a more detailed analysis, stay tuned for Tego Venturi’s full market update later this week. In the meantime, check out the latest trends and data on ABQ.RE/Trends.
Stay ahead of the game and make sure you’re prepared for what’s next in the Albuquerque housing market!
