Cross-market Demand: Where are Albuquerque’s home buyers coming from?

Cross-market Demand: Where are Albuquerque’s home buyers coming from?

(Transcript Snippet): “Tracy:

So Tego the, the topic that Eddie announced and said, I don’t even know what that is.

Tego:

Cross market Demand

Tracy:

Cross market demand. So for me what that is, I know, but I would have said the same thing had you and I not talked about it regularly. It’s really, where are people coming from that are coming and buying houses in New Mexico, or where are they looking for? Where are they at when they’re online, searching for homes in our market, which is a really cool stat that it’s so fun to know like that, that stats out there.

Tego:

There’s not a whole lot of data. When we look at, you know, where are people that are say moving to New Mexico or buying homes in New Mexico, where are they coming from? Um, this is the best dataset that I’ve found. It’s from realtor.com, which is one of the home search websites, national website, you know, they have thousands and thousands of, you know, home searches all the time. And so what they can look at is they can see where people are based on their, you know, internet location, and they can their IP address very good. And they can also, um, see, and then you know where they are and then what locations those people are looking at, what cities, you know, different in this case with Metro areas, are, are people looking at, and so we can do a back search and say, okay, for people that are looking in the Albuquerque Metro, where are those people? So it’s kind of,

Tracy:

So what’s interesting is when you think about it, it’s like how many are actually looking at homes from here, right? How many are online in our Metro area, looking at homes and how many are outside of maybe our

Tego:

Well, you know, so what’s interesting is so for, for our market, it’s about 60% are either, you know, local in Albuquerque or, you know, in the state basically. Right. Um, and about animals

Tracy:

Over half are, are in New Mexico or in the Metro area.

Tego:

So, you know, the most buyers and that’s what we see is most people buying homes are from here. Uh,

Tracy:

But 60%, isn’t huge. I mean, when you think about 40% are somewhere out of our state, right. And you say most but 60%.

Tego:

Well, what I, what I mean is that this shows where people are looking at doesn’t necessarily mean that they’re actually buying, right, right. This is where people are

Tracy:

Looking to see what the neighbor’s house. So the

Tego:

Person in New Jersey that’s looking, they could be looking in Albuquerque and they could be looking in Tucson and Phoenix and Colorado Springs in San Antonio and all those other markets that are, you know, kind of, you know, uh, Boise, Idaho. So let me give you, let me, let’s talk about Boise. So Boise has been one of the, the bellwether markets in the country in the last couple of years. Cause they’re, their home prices have, have been the highest or highest appreciated in the whole country. Um, a lot of that is people coming from, from California, but they’re the exact opposite. 60% of the home shoppers looking in Boise are outside of, of the city in state. So it’s, it’s, you know, so if you think about markets where a lot of people are moving to from other places kind of gives you, puts it in perspective compared to Albuquerque, so,

Tracy:

And stand it. Alright, let’s go. Where are people when they’re looking at homes from out of state, where are they

Tego:

From from other states it’s, uh, Newark, New Jersey, you know, New York, you know, obviously the

Tracy:

City, well,

Tego:

It’s the metropolitan area. So that’s a huge obviously population base. Right? Right. Um, number two is, uh, Las Vegas, Henderson paradise, basically Metro Las Vegas, Nevada, um, is number two, number three, which is very close to Las Vegas is LA long beach Anaheim. Again, that’s a huge population base. So you have to, you know, kinda, kinda think about that. Um, Dallas Fort worth is, is right up there. Denver’s right up there. And then Phoenix is right up there. So I found that, I found that really.

Tracy:

So that runs out the top seven, right. And they’re big, like New York, New Jersey Metro area, 8.1% of all views are coming from that part of the country. Um, Las Vegas, 7.7%, Los Angeles, 7.4% down to Phoenix, 4.7% in Tucson, 4.4%. Yeah. It’s interesting. And like we said of that up to 60% that were searching while they were in this state, some of those could have been people who were visiting and looking at houses.

Tego:

Well, it wasn’t bloom Fiesta cause this was quarter three. So yeah. Yeah. It wasn’t during balloon Fiesta. So anyway, interesting information, just something to kind of keep a perspective on what’s going on with the real estate market and where people are that are, they’re looking at New Mexico. We do know there has been, you know, uh, an increase in migration to New Mexico. And so it’s just kind of curious to see where they are coming from.

Tracy:

Yeah. We get ask that a lot when we’re out at events and things are not socializing, right. And people are already saying, well, where are people coming from? And you know, they always start with California. And the staff would say the most of them are looking from the Metro area of New York. So.