3rd Quarter should finish strong for Greater Albuquerque Area.
Albuquerque specifically has been showing signs of a strong year. Main contributing factors are a drop in new listings yet a big increase in sales volume even given adjustments for seasonality. That should bring home prices up even more for our home town! We should see a very nice gain in average home prices maybe as much as 5% this year alone making those that choose to list their home very happy. It probably sold for more money and faster than any time in the last 5 years. See why I strongly recommended anyone even considering selling this year to list in May! While the gains we have seen have been nice we are still down about $17,750 or 8.3% from what a standard 3% increase would have put us at if we didn’t get on that wild roller coaster from 2004-2011. Other areas like Rio Rancho, Placitas, Corrales, East Mountains, and Valencia typically trail a little behind Albuquerque but still some nice gains have been seen. Right now buyers are definitely buying but sellers may not be trying to sell as worries still remain that home prices haven’t come back enough. That being said I am very excited to see how the 3rd quarter will finish as that will be a key indicator to how much we have actually gained and possibly how much more we will. This winter season may be the best buying opportunity left for the next few years as we come close to catching up to projected levels.