Economic Impact of Real Estate in Albuquerque

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Tracy Venturi: This is Albuquerque real estate talk with Tego and Tracy Venturi. We are with Keller Williams Realty, the Venturi Realty group. We have a great group of licensed agents that work with us to help with buyers and sellers. Give us a call 448 88 88. We’d love to hear from you and answer any questions that you might have.

Tego Venturi: We’re here to solve your real estate problem. That’s right. How’s that? That’s good.

Tracy Venturi: So Tego, I’m sure you have some stats for us.

Tego Venturi: Well, what I want to talk about was the economic impact of real estate, because I think it’s, I, I want to, you know, keep perspective here because at the beginning of this shutdown, you know, there was a lot of concern about the economy. Well, there still is right in actually, you know, in this last week, even, you know, even more than before for New Mexico in particular. The thing is in Albuquerque, there’s in the last few years, we’ve averaged somewhere around 14,000 real estate sales home sales per year. Okay. So that’s 40, that’s a lot that that’s just in the greater Albuquerque area. There are the Albuquerque MLS. You think about that, that’s, you know, let me just run this out here. So you understand that’s $3.8 billion worth of real estate per year,

Tracy Venturi: Just in the value of the buildings or yeah, not the economic. Yeah,

Tego Venturi: No, no, no, not the economic impact, but that’s, I mean, 3.8 billion, which is a big number, the, but for every sale, every property that sells, there’s been a bunch of studies on this, how much the economic impact that it puts into the economy and for, for a new construction home, it’s somewhere around 70 to $75,000. Right. But even for a resale home, let’s say we just cut that in half. Be very conservative, cut that in half, let’s say it’s around $36,000 for every home that sells that’s money into the local economy. And, you know, Tracy, you know what that is, that’s home inspectors. Oh, you did the math look at that

Tracy Venturi: 504 million,

Tego Venturi: 504 million, a half, half a billion dollars every year that flows into the Albuquerque area economy from residential real estate sales.

Tracy Venturi: And I believe that it’s probably higher than that because you just took half of what they say. They say it’s, you know, 72,000 for every sale. Okay.

Tego Venturi: Or new for new, for new, for new construction. Right. So new construction is more obviously cause you’re you’re building contractor. Yeah. Yeah, exactly. Yeah.

Tracy Venturi: So if it’s 36, that’s a huge, huge part of what’s keeping things going

Tego Venturi: And understand we’re not talking just about the real estate agent and the loan officers in the title company, the people that are very tightly connected to it. We’re talking about restaurants, hotels, hotels, we’re talking about moving companies, furniture companies, home, home stores, right. Remodel, remodelers, you know, tile, tile, setters, painters, roofers, blah, blah, blah. I mean, it goes on and on and on. So yeah, it’s, it’s a big impact on our economy and, and hopefully we can get things rolling again because there’s a lot of demand for real estate right now. And let’s get into that. Tracy, in, in New Mexico, in Albuquerque, we were at you know, starting this week, we were already at a record, low number of homes on the market. Right. And I’ve got some

Tracy Venturi: Stats. I thought you might have some stats.

Tego Venturi: So obviously, obviously Friday when we heard the news, it was kind of a, a gut punch not this Friday, but a week ago, Friday you know, that, that real estate might be getting shut down. I was like, okay, what’s going to happen. Are people going to take their home off the market? Are they going to cancel? You know, and not, you know, show their home. There’s a an option for people that have a homeless. And let me put this out. There is an option for people that have their home listed for sale right now, to what we call withdraw from the multiple listing service. Right. Tracy

Tracy Venturi: It’s to withdraw it from available for showings. It still shows up in the multiple listing service.

Tego Venturi: Well, yeah, but it’s, but it basically means that the home is still for sale, but there’s no marketing and there’s no showings going on. And so I was thinking that a lot of people would opt into that just this week though. It was 22 people withdrew out of 1400 homes on them.

Tracy Venturi: So it wasn’t a big flood to withdraw from the market.

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Tracy & Tego Venturi

Venturi Realty Group

Keller Williams

1119 Alameda Blvd NW

Albuquerque, NM 87114

(505) 448-8888

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