New Supply Stats: Why is Albuquerque Behind in Housing Units?
(Transcript Snippet): “Tracy:
So, so housing. So we’ve talked about it on this show for two years, right? So all of our listeners, they know what, what we heard at the convention, but you have new stats about housing and what’s why we’re behind on housing units and how many and yeah. Us in the pipeline. So
Tego:
First off, let’s talk a little bit about just what’s going on here in Albuquerque and then a little bit more nationally, but, but here in Albuquerque, we’ve got the latest data from FHFA, which is the, the, the group that oversees Fanny and Freddy that buy most of the mortgages. Right. So they’re very curious. You know, the thing that was when they look at the top 200 metropolitan areas in, in United States, Albuquerque, obviously it’s one of those, or maybe it’s the top 100, but the, but the thing that, that jumped out at me was, you know, there’s been a lot of consternation about the Albuquerque market and how home prices have just gone up so much and it’s unaffordable. And not that this is a, a good thing, but it just is, is our, our market appreciation is actually less than, than most markets. Right? Many, many markets, especially in the Sunbelt, right. We are we’re. And then, so this is the top 100 markets in, in the country, not 200. I said 200 top 100 market Albuquerque ranks 42 for appreciation in the last year. FHFA says Albuquerque home prices grew by 17% in 2021 in one year in one year. Which is a lot,
Tego:
But, but it’s, but it’s not, you know, round rock tech, you know Austin round rock, which is 30%
Tracy:
Or Cape coral, Fort Meyers, Florida 35%, well,
Tego:
Phoenix, Mesa Chandler, which we’re all very familiar with. I
Tracy:
Mean, 29%. Yeah. I mean, yeah.
Tego:
You know, I would, it’s always funny when you talk to people that, you know, they’re from the east coast and they really don’t know the west that, and you know, you say, oh yeah, we’re in Albuquerque and they go, oh yeah, yeah. I, I visited Phoenix once. It’s like, well,
Tracy:
We heard that a lot at convention. Yeah.
Tego:
That, that, that’s
Tracy:
Not it’s, it’s either I visited Phoenix once or I drove through Albuquerque once exactly. Right through the freeway.
Tego:
Yeah. We hear that. We
Tracy:
Hear that. Oh, it’s beautiful. I drove through the freeway
Tego:
Once or breaking bat. Of course. You know, you hear that too. Yeah. I guess, I guess the, the, the, the point there is yes, home of price appreciation is, is just gone nutty. However, we’re, we’re not as nutty as some markets,
Tracy:
We’re, we’re half as much as those top markets. Right. So much better. And, and still most, one of the most affordable cities in the, out in Southwest.
Tego:
And, and I’m not saying this, but I’m gonna say this way that you could make the argument that Albuquerque has a lot more room to run for price appreciation in other markets. Now, I didn’t say that. I’m just saying, you could say that,
Tracy:
Okay, there you go. He could say that.
Tego:
You could say that. So
Tracy:
Do you have more stats F HFA?
Tego:
Anything? Yeah. Yeah. And, and the other, the other thing that I just, you know, looking at the, the first couple weeks of the excuse, the first couple weeks of the month, or basically, you know, first couple beginning of the year, first couple months here, since we’re toward the end of February already. And we’ve hit another, all time low in the number of homes on the market, in the greater Albuquerque area. It’s under 600, it fluctuates right around 600. I think we drip dip down as many as 560 homes in Metro Albuquerque this week, which is just, that is such an extraordinarily low number of homes on the market. It’s, it’s kind of hard to, to, you know, put an adjective on that. The thing I noticed though, here in the first few weeks of the year is that every, every week, every day we have more homes coming off the market than, and are going on the market.
Tego:
So we keep having a deficit week after week after week. And so not unusual for this time of year to see that trend. We are hoping very soon people start thinking, okay, we’re getting early spring here. Maybe time to start thinking about getting your home on the market. I will tell you if you’re thinking about selling obviously of us a call, but probably the earlier the better there’s lots of buyers out there. We know there’s lots of buyers out there waiting for homes to come on the market. And, and, and as far as we’ve seen Tracy interest rates, really, you know, even that big run up in interest rates doesn’t seem to have pushed a whole lot of people out the market. Right.
Tracy:
And we have great selling program to help our sellers maximize, you know, their home, get it ready. We can hold your hand through anything you need. We’ve got a lot of resources, so we can put our program to work for you and help you get that home sold, how it works best for you.