Analyzing last month’s Albuquerque real estate numbers

Tego Venturi: And, and there’s still a lot of activity out there. I already looked at the first 10 days of November, of course, and activity. And we’re up in the number of homes going pending versus last year, I forget what the number was, but it was like 30%. It was pretty substantial.

Tracy Venturi: So, you know, we’ve been so frenetic with the pace of buyers, trying to find a house. And the whole, how fast things are, are finding the right buyer to match to the home that comes up for sale. So we’re, you know, we’re, we’re saying things are slowing down. They’re still pretty frenetic though. We’re still up. Things are still really busy. It’s just, we’re not seeing quite as much. So when people say things are slowing down, we have to go, that’s sort of relative to, you know, that things are still really busy. Yeah.

Tego Venturi: Yeah. For sure. So that’s the market we’re in still in November. Yeah. let me give you a couple, a couple more stats just to close out the show here. Some of the things that I found interesting. If you look at average selling price October, it was $291,000. That’s average in the Albuquerque area, which is it’s not the all time high, but it’s the second all-time high. I think it was August was the all time high. And this was October average sale price. This is average sale price, October, 2020 to October, 2019. So just just the month, only, not year over year, 13.7% increase in average sell price. Wow. Now that doesn’t mean prices have gone up that much. It just means average price has gone up.

Tracy Venturi: We know is that there’s just less affordable homes on the market. So it’s making the average higher doesn’t mean the house actually increased that much. Right.

Tego Venturi: Right. But if you look at price per square foot, which is a better indicator of that, we’re seeing somewhere around eight, 9%, depending on what price range the home is in and the lower price points, it’s, it’s going up much faster at the higher price points. Not quite as fast, but you know, we are seeing price appreciation across the board in all price ranges in the Albuquerque area. What else do I have? Oh, the, the, the number of homes on the market right now is like 1300 or actually you could pull it up and look, yeah, it’s like 1300 or 1400 homes. That’s residential properties for sale in our local MLS. And just to give you an idea, I mean, a normal quote unquote normal market, we could probably, we should have some more around four or 5,000 homes in the market and we’re sitting at somewhere around 1400 right now. So it’s still, you know, there, there, there’s, there’s definitely room to have more homes come on the market for sure.

Tracy Venturi: Honestly, in our whole MLS system, which, you know, houses out of area there’s yeah. There’s about 1500 and on the market and that’ll include, you know, out of area where people are choosing to put them in our MLS. It includes all types of homes, manufactured, ranch condos. So that’s very few, not a lot to choose from.