2022 March Data: 2022 March Data: Is Albuquerque’s Real Estate Market Slowing Down?

2022 March Data: 2022 March Data: Is Albuquerque’s Real Estate Market Slowing Down?

(Transcript Snippet): “Tego:

Okay. So let, let’s just talk about what’s going on right here in the market right now, today in, in, you know, I think the question is March 20, 22, going into spring, spring starts this weekend officially. And our are we seeing to slow down in the market is the market slowing. And, and the simple answer is no, it’s not. And I can give you just a couple, couple things that, that jumped out at me, Tracy. And one of ’em was I looked at all the homes that came on the market so far, this March, let’s say the first couple weeks and of, of the homes that came on the market, there were about 500 and I got 524 is what I came up with in Albuquerque area. 78 of those are already under contract. Wow. 70, excuse me, 78%. That’s the, wow.

Tracy:

Yeah, that’s a

Tego:

Wow. 78%. And only 22 of ’em are still, you know, available on the market of, of all those 22% of them are still on the market available. So homes are selling very fast, but they come on the market. We’re still seeing multiple offers. We’re seeing homes selling over list price. And at the moment that doesn’t look like it’s changing

Tracy:

Tego. One of the things I just like to point out and we talk about this with our team is how’s this coming on? The market are going off the market. So we are getting properties coming on the market for our home buyers to consider just there’s

Tego:

I’ve got a stat for that.

Tracy:

Yeah. They can’t see you with that paper that you’re shaking, but I’m sure we could hear it. You could

Tego:

Hear it.

Tracy:

Yeah. Yeah. You have a stat for that.

Tego:

We got a stat for that. So number of homes on the market in the Albuquerque area dropped 24% for the first half of the month. That’s a pretty big number because, you know, we look back last year, we were already down substantially. So number of new homes coming on the market, and this is gonna contradict what you just said down 19% from last year or for the first half of March. So that’s not good. The thing that’s interesting though, the number of homes going under contract for the first half of March is even with last year. Hmm. Right. So even though 20% less homes came on the market, it’s equal number of, you know, going under contract. One thing that that did jump at me was the number of solds are down. So it’s gonna be interesting to see if those pendings do translate into closed sales. One other stat that jumped out at me for the first half of March home prices are up an average of 20%. Now that’s a very small snippet, but you know, we go back to 2021 and we look at appreciation of about 17% is what we saw in 2021 in Albuquerque market.

Tracy:

So over 30%, if you look at the last two years combined. Yeah, yeah,

Tego:

Yeah, yeah. And it’s it’s a big move. It’s a big move, Tracy. I mean, it’s, you know, it’s, it’s a head shaker for sure. And you just go, wow, that is, you know, the, the thing I’ve been saying is, you know, people that are homeowners or have been homeowners and real estate owners are doing really good in the last few years. People that are trying to, to the market, it’s, it’s challenging for them. Doesn’t mean that they’re, you know, they can’t, it’s just, you know, it’s tougher now.