March on March : Albuquerque’s Real Estate Data Last Month

March on March : Albuquerque’s Real Estate Data Last Month

Tego: Yeah. So, so I wanted to first off, let’s just take a quick look at some of the March data. I mean, we’re, we’re right here at the beginning of April and you know, there’s been a lot of conversation out in the real estate world here in, in Albuquerque, as well as around the entire country. I think most people know housing has been on fire, you know, and it is in some ways it’s, it’s an unhealthy real estate market. And, and not probably the way you think, not in the way you, that when you say unhealthy real estate market, people may say, oh, the bubble, the bubble’s coming, the bubble’s coming, but it’s unhealthy in a different way. You know, we saw

Tracy:

As if we don’t think there’s a bubble coming.

Tego:

Oh yeah, yeah. That, that just to,

Tracy:

Yeah. Yeah. Clear that up real

Tego:

Quick. Not just us little real estate agents here, Albuquerque, we’re talking about all the top economists in the country and I know people are probably rolling their eyes, but what are anonymous? No, because they always get it wrong. That’s a different conversation. But anyway, but the, the housing people, you know, if you actually look what’s going on in the housing market, even with the, the interest rates going up and, and, and everything, we still have a major, major shortage of, of homes in the country, not just homes for sale homes to purchase also rental property, right. Properties to rent, basically housing. We just have a shortage of housing everywhere. And that is true here in Albuquerque area as well. And so what we saw in March for Albuquerque is we did see a increase in home prices. Yep. Surprise, surprise.

Tracy:

The median went up.

Tego:

Yep. So median per price now 311 is what it was for March. That is a new, all time high for the.

Tracy:

Albuquerque area. That’s what 18% over March of last year. In prices. So last year it was in the two 80 something range.

Tego:

Yeah. And if you look at average sale price in the Albuquerque market is now 362,000. And you know, that, that in some ways that’s just a breathtaking number.

Tracy:

Take your breath away, taking your breath away,

Tego:

How much home prices have gone up. And I’m not, I’m not trying to be over dramatic here and, and, you know, freak people out. It’s just home prices have gone up a lot. And so, yeah. So 362, the thing is

Tracy:

Interesting up 20%, the average is up 20%. The median’s up 18.

Tego:

Yeah, yeah. E exactly, exactly. Tracy.

Tracy:

And that’s a via amatic. That’s your

Tego:

Job. Hey, you’ve taken my you’ve taken my thunder. No, that’s great. I just wanted to compare one, one thing there, when we’re, when we look at that 362,000, that’s a sale price for March currently of all the homes that are active on the market for sale average is 410. And, and if you look at what average list price are, those continue to go up as well. So at this point it looks like home price appreciation is baked in for at least the first half of the year, more than likely all the way through 2022 based on what we’re seeing, not just on the sales, but actually what’s coming in the pipeline as well.

Tracy:

Right?

Tego:

Just a couple other things that the, it were interesting is the number of homes that were our for sale down 45%. This March versus last March and last March was ridiculously low. The number of homes on the market is just very, very, very low. Part of that isn’t necess because homes aren’t coming on the market, cuz Tracy, if you look at new listings, we had 1100 homes come on the market. And they pretty much all went under contract in March in the same month. Right. You know, median days on market is it is still at four days, which it was last month. Meaning 50% of the homes that come on the market in the Albuquerque area are, are under contract gone pending in four days.

Tracy:

It’s there we go. There’s the snapshot.

Tego:

Yeah. I mean that, that’s not much else to say there. So the, the, the reason we, we, we bring this out is we want people to understand that the, the market is, is pretty nutty right now. And you know, home buyers have to be ready if they’re, you know, looking to buy it doesn’t mean that you can’t buy a home and it’s not a good time to buy because it’s so nutty, it’s just, you have to be ready to move. And in the sense of move on making an offer, right.

Tracy:

Well, not just that it’s being ready with your financing or cash, your proof of funds to understand the market and know that you can’t think about it for a couple days because the house will be gone. Understand that when something comes on the market that might match, you need to look at it right away. Yep. Right.

Tego:

And they, and, and you need a strategy too, right? You need a strategy and you need an experience agent to help you through that process.

Tracy:

Totally. But, and understanding having had that buyer consult with your real estate agent about what things are being offered in offers to purchase properties these days that are making that buyer be the one whose offer is accepted and just being prepared for that, so that you know, what you might be facing,

Tego:

I’ll be doing a full report on the March data here, and I’ll put it on my Facebook. I’ll put it on my Twitter. So you can just, just follow me there as Tigo Venturi, we’re with Keller Williams Realty. But you can find me on, on social media Tigo. There’s not a whole lot of us out there. So

Tracy:

Not a lot of Ticos. No. Yeah.