Albuquerque Real Estate Talk Episode 493: Key Highlights

May Home Sales Data: What’s Happening in Albuquerque?

In our latest episode, we delve into the May home sales data for Albuquerque. While the pace of home sales has slowed compared to 2022, with 935 homes sold in May, up from just under 900 last year, home prices continue to rise. Pending sales are up 12% from last year, indicating a more serious group of buyers. Median home prices hit an all-time high at $360,000, and average prices topped $403,000. This reflects a strong demand, even with fewer casual lookers and a challenging interest rate environment.

Albuquerque City Council and Rezoning Discussions

The Albuquerque City Council was set to discuss rezoning certain areas to allow duplexes on single-family properties, but the discussion was postponed. This topic is crucial for addressing housing shortages and offering more affordable housing options. Stay tuned for updates as this issue progresses.

The Dynamics of Foot Traffic and Pending Sales

An interesting trend is emerging: while the number of showings per listing is down by 20% from last year, pending sales are up. This suggests that those who are in the market are more serious buyers, potentially driven by a more competitive landscape and higher interest rates making casual shopping less appealing.

Albuquerque Ranked #2 for New College Graduates by Zillow

Zillow recently named Albuquerque the second-best market for new college graduates, just behind Phoenix. With a typical rent of $1,583 and an average recent graduate income of $65,727, Albuquerque is an attractive destination for young professionals. The city’s competitive job market and affordable living costs make it a prime choice for graduates.

Market Insights: More Homes, More Price Reductions

We’ve seen a rise in the number of homes coming onto the market, up 30% from last year. However, this is still half of what we had in 2019. Interestingly, there are also more price reductions happening, which is unusual for this time of year. This indicates a balancing act between supply and demand, especially in higher price points.

Open Houses and New Listings

Our team has several open houses and new listings to check out:

  • 7701 Hermanson: A beautiful Mossman home open from 11 to 1 today.
  • 1433 Camino Cerrito SE: Open from 1 to 3 in Four Hills.
  • New Listing – 847 Longhorn Road SE, Rio Rancho: A beautifully updated three-bedroom home at $359,000, featuring a high-end generator for those rare power outages.

Freddie Mac Insights: Americans’ Home Equity

A representative from Freddie Mac shared some intriguing data: Americans hold about $28.7 trillion in home equity out of a total $41.2 trillion in residential real estate. This equity represents significant untapped financial power that could influence the market if leveraged through second mortgages or home equity lines of credit (HELOCs).

Home Inspections: What to Expect

Navigating home inspections can be daunting. Our team has created a cheat sheet to help buyers understand their options. Common issues in New Mexico homes include roof maintenance, outdated water heaters, and electrical service updates. Remember, a full home inspection is critical and can highlight areas needing further professional evaluation.

As always, we’re here to help you navigate the Albuquerque real estate market. Whether you’re buying, selling, or just curious about the latest trends, reach out to us at 505-448-8888 or visit our website at Tune in next time for more insights and updates!