How affordable is housing in Albuquerque?

(Transcript Snippet): “Tego:  Tracy. You said something and I wanna, I wanna cause you corrected me the other day w you, you hardly ever do that. So, so I was talking with our team about the market and what’s going on and just going through some data. And I was talking about how, you know, these homes under the median price of two 60 are selling really quickly. Right. And, and you made a really good point. You said, look, you keep saying, it’s like the lower price point. Well, we’ve seen, you know, million dollar homes come on the market and have multiple cash offers right away as well. So it’s, it’s really every price range. It is. Now the thing that’s curious about that as you look at the MLS and there’s six, 700 homes, all that’s on the market at any given day right now in our MLS. And there are a fair amount of homes that have been on the market for 30, 40, 60, 90, 180 days. Well, obviously there’s something going on there, right. And maybe, maybe their price is still just too high or maybe that’s a condition issue or the old, you know, location issue.
Tracy: It’s some, some combination or one of those things for sure in this.
Tego: Yeah. The, the, the point is that demand is there and maybe the product just isn’t fitting, you know, for the people that are out there. But yeah, it’s every price range is,
Tracy: Do you have any stats for that? Well,
Tego: Like in the, in the higher end, you know, we’ve basically seen double putting it on the spot. Oh no, that’s fine. I can, yeah. I, you know, in the higher end, what we, somebody asked me, he said, well, what’s considered a luxury in Albuquerque. And it used to be just under 500. Now. It’s probably over, I haven’t calculated it in, in the last couple of months.
Tracy: I think it’s not necessarily by the numbers. This is not where a statistician makes it make sense, but it’s what is our perceived luxury price? There is a definition I know there is, but you know, in my mind, I’m not the stat person. So in my mind, it’s the perceived, it’s like a half a million and above is what we consider luxury generally what people think. But yes, there’s a stat for it. And the number is different from that.
Tego: Well, the stat is it’s the top 10%.
Tego: Okay. You know, this okay. Of, of all the homes that sold, what are the top 10%, you know, of all those homes, what prices, you know, in above. And, and so, yeah, right now it’s right around 500,000 and above. And so if you look at that price range, 500 and above the number of sales, it’s not quite double, but almost doubled versus versus last year, you look at the, what I consider like the ultra high end, maybe a million, 1,000,002 it’s, it’s more than doubled.
Tracy & Tego Venturi
Venturi Realty Group
Keller Williams
1119 Alameda Blvd NW
Albuquerque, NM 87114
(505) 448-8888