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Earth Origins Realty: Sustainable - Home - Community
Albuquerque New Mexico Real Estate Market, Home Investment
Real Estate Market in New Mexico
Albuquerque Real Estate Market: Running Solid and Strong
2005 saw an unprecedented jump in existing home sales in the Albuquerque Metro area, so much so that you could call it the Year of a Seller's Market. The average home price rose 12% from 2004, with the average price of sold homes equaling $204,502 dollars, compared with $182,490 in 2004. This is a huge leap considering that historically, the Albuquerque real estate market hovers around a 4% increase year to year.
One contributing factor to this property value hike was that there were more homebuyers than sellers active in the market, propelling a higher demand than supply. And like other parts of the country, with record-low mortgage interests rates creeping upwards, many homebuyers felt compelled to purchase real estate in Albuquerque before loans became too expensive. Out-of-state investors, many from California, who understand New Mexico promises lucrative economic development, have also played a huge role in catalyzing this significant jump in Albuquerque property values, purchasing real estate for investment purposes, opportunities which are much more affordable than those available in their home states. Moreover, beacuse the Albuquerque housing market had been relatively stagnant during the 1990s, the recent increase in property values is in part attributable to the "catch-up" effect.
Thus, rest assured that this movement will not implode in the near future, a valid fear in many other markets across the country. Values in the Albuquerque real estate market are just now aligning with comparable cities. According to CNN Money.com , people who own homes or plan to purchase property in Albuquerque, New Mexico can breathe a sigh of relief. Unlike overpriced and overvalued real estate markets in places such as California and Florida, Albuquerque has been named as one of the "just right" real estate markets, not too hot and not too cold, in the United States.
According to the National Association of Realtors, the Albuquerque housing market promises a healthy future. One strong indicator is that the median mortgage servicing cost to median income ratio is well below the historical average, which indicates no widespread financial overstraining to buy a house in Albuquerque, with continuing capacity for price increases. Moreover, in the last five years the city's job market increased by approximately 20,000, announcing future economic development growth.
Albuquerque Housing Activity Report for 1st Quarter of 2006
According to the Albuquerque Metropolitan Board of REALTORS Southwest Multiple Listing Service:
Real Estate Market Statistics for Single-Family Detached Homes
| Area |
Active Listings |
Sold & Closed |
Average Closed Sale Price |
| 10- Sandia Heights |
14 |
17 |
$513,594 |
| 20- North Albuquerque Acres |
79 |
25 |
$580,092 |
| 21- Albuq. Acres West |
63 |
50 |
$341,565 |
| 30- Far NE Heights |
70 |
117 |
$327,594 |
| 31- Foothills North |
35 |
25 |
$518,528 |
| 32- Academy West |
18 |
31 |
$219,077 |
| 40- Near NE Heights |
50 |
42 |
$290,555 |
| 41- Uptown |
28 |
73 |
$158,980 |
| 42- UNM South |
42 |
60 |
$211,028 |
| 50- NE Heights |
74 |
196 |
$167,191 |
| 51- Foothills South |
30 |
43 |
$273,070 |
| 60- Four Hills |
12 |
17 |
$349,685 |
| 70- SE Heights |
17 |
44 |
$158,300 |
| 80- Downtown |
43 |
43 |
$142,596 |
| 90- Southwest |
48 |
56 |
$116,036 |
| 91- Valley Farms |
42 |
36 |
$168,617 |
| 92- Southwest Heights |
120 |
271 |
$127,227 |
| 93- Pajarito |
4 |
3 |
$133,000 |
| 100- North Valley |
59 |
43 |
$302,271 |
| 101- Near North Valley |
63 |
63 |
$234,194 |
| 102- Far North Valley |
7 |
9 |
$500,200 |
| 103- West River Valley |
10 |
5 |
$350,580 |
| 110- Northwest Heights |
98 |
120 |
$207,219 |
| 111- Ladera Heights |
81 |
128 |
$172,789 |
| 112- Canoncito |
0 |
1 |
$84,000 |
| 120- Paradise West |
142 |
193 |
$199,358 |
| 121- Paradise East |
115 |
120 |
$252,811 |
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For more specific details on how Albuquerque areas and communities compare with one another with regards to price per sq. ft. and price range of active listings, go to Albuquerque City Descriptions and Map.
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