It’s the Highest We’ve Seen: The Number of Albuquerque Homes are Going Up

It’s the Highest We’ve Seen: The Number of Albuquerque Homes are Going Up

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Tego:

The thing is it is right. The number of homes, number of active homes on the market is probably as high as we’ve seen since. Gosh, mid Midsummer I think is when we peaked out last year, last summer. And so now we have, I wanna put this in perspective though. There’s about 1100 homes for sale in a greater Albuquerque area. Actually that’s the entire MLS, which is pretty much just a greater Albuquerque area and so 1100 homes. And so we would expect that there will be about 1100 homes, maybe 1200 homes that actually go under contract, receive an offer to buy and, and people, a contract on those, those purchases go pending, as we say, right? So, you know, yes, home, more homes are coming on the market, but we continue to see homes going off the market. I’m gonna say just about as quickly, maybe it, it is building a little bit, but what I wanna put in perspective is, you know, we’re still like one month’s supply or less number of homes on the market and the, the kind of the standard for a balance market, not a buyer’s market, not a seller’s market per se is about five or six months.

Tego:

And we’re not even still at one month. So we still do have a very low number of homes on the market. How many times do I gotta say it? You’re laughing at me? Cause I keep saying the same thing over and over again.

Tracy:

I’m smiling because we were talking about swimming pools and suddenly the systematic is just going into stats and

Tego:

Let’s talk cause you were searching for pools. So

Tracy:

I long time

Tego:

Ago. Oh, okay. How many, how many? Okay, so let’s go back to swimming pool, but the, the thing is, I just want to caution people and you know, I do those market updates and I do these videos. I post ’em on my Facebook. I post ’em on Twitter and other places. My most popular audience are other realtors. Right, right. They, they all will say, they all say, oh, I can’t wait for your next update. So I know what’s going on in a real estate market, I think is kind of interesting, but that’s great. It, that’s fine. And I know there’s a lot of realtors that listen to the show and we love you guys. We appreciate it. The, the, the thing is there have been more price reductions as well. I, I just wanna re caution everybody. It’s like, that’s, that’s normal. It’s, it’s not a sign of some crack in the thing, you know? Yes. There, there, the market is slowing. But, but not from a, but what

Tracy:

Does

Tego:

Mean yeah,

Tracy:

Exactly. When you say slowing, that means prices are still up. Maybe even still going up, just no, at as quick a pace. Hopefully,

Tego:

Honestly, hopefully I know that’s no, I got it. A lot of, you know, homeowners probably don’t wanna hear that, but the, the thing is we, we can’t, we, we need to slow the pace down. You know, we had 18%, 17%, you know, coup you know, per year for the last few years, it just, you know, we can’t do that. So yeah. So, so the, the slowing in that sense is good, but nobody is really seen any, any sense that, that home prices are gonna go backwards, at least at this point, but who knows, you know, the new inflation numbers are out, you know, but maybe that’s a good thing for housing. Now. That’s a, we’re really getting down into some macroeconomic stuff, but you know, a lot of people say, you know, with crazy inflation, what you wanna have is a hard asset. Well, one of the best hard assets there is, is real estate.

Tracy:

Absolutely.

Tego:

Well, I got way off track on that. Didn’t I totally, I mean, just, just, just way off talking about that’s

Tracy:

Pools, right? It’s what you love. This is our morning coffee discussion. Yeah, exactly. I talk about something light and fluffy and you tell me about stats. It’s all good.