We Haven’t Seen One in a While: What Does a Normal Housing Market Look Like in Albuquerque?

We Haven’t Seen One in a While: What Does a Normal Housing Market Look Like in Albuquerque?

Transcript Snippet: “Tego:
What is a normal housing market. Yeah. Good, good question. We haven’t seen one since 2000 and you know, let’s say 19 and you know, we look at what’s happening in our market right now. We, you know, we always talk about this buyer’s market sellers market thing, right. Eddie. Right. And, and, and the, the, the really simple way for us to look at that is, you know, if supply is, is high demand is low, you know, obviously it’s, it’s a buyer’s market. Right. And we had that from, let’s say, 20, let’s say St. It really started somewhere in 20 10, 20 11. And we had a strong buyer’s market there for many, many years, somewhere around 2015, 2016s, we shifted into this kind of steady market, which was great. We really had a, you know, actually really from 2012 all the way through, till, uh, 2018, we had a really nice steady market here in Albuquerque.
Tego:
Obviously we were on the radio every week talking about that, through that, right. It was just steady. It was good. You know, prices were going up three, 4% a year, really nice, you know? Um, but now we’ve got, gotten into this hyper appreciation phase of this market. And so, um, you know, to get back to that level where we have, let’s say 3, 4, 5 month supply, which is a nice kind of area to be we’re we’re at 0.7 month supply in Albuquerque. Right now we would have to have, let’s say 4,005,000 homes on the market in Albuquerque at any given time to be in kind of a steady, you know, healthy market. We have a thousand homes on the market in Albuquerque right now. We got a long way to go to get there. Um, and, and then there there’s, there’s, unfortunately there’s not a whole lot of relief in, in sight at the moment.