Manage the news you want to see, read exclusive content and explore other subscriber benefits. Garcia shares, There were very few homes on the market so every home that would come up you know youd have 50 to 100 people fighting for that same home. Heres what. Its a very few, its basically like a handful. By clicking Accept, you consent to the use of ALL the cookies. I appreciate hearing about it. 6703 Academy Blvd NE Albuquerque NM, 87109. https://www.census.gov/quickfacts/albuquerquecitynewmexico Simply put, too many important market indicators are pointing towards becoming a buy-and-hold investor to ignore, not the least of which include: With a metropolitan population somewhere in the neighborhood of 942,000, Albuquerque has seen its population grow a modest 1.4% year over year. In fact, rehabbing and real estate flipping remained the preferred exit strategy for local real estate investors for a decade. If theres a general theme its just a shortage of supply, Bishop said. Analytical cookies are used to understand how visitors interact with the website. Right. The data are collected to analyze if the trend is just the same. Successive waves of stimulus checks and rise in savings also helped facilitate down payments, and over the past quarter, survey evidence published by Redfin suggests that many buyers have rushed to get ahead of rising mortgage rates. If rates rise due to stronger consumer and investor confidence pertaining to the growth of the economy, then the same growing demand driving interest rates higher will also support home purchases, partially mitigating any negative effects on sales from higher rates. We dont foresee potential regional home price declines to be of serious concern for the macroeconomy, but nonetheless we believe meaningful regional house price risk exists for some metros. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. When you say there are some that are down. TheAlbuquerque median home pricealso improves compared with it 5 years ago. The Albuquerque market, not unlike the rest of the country, experienced a setback in the wake of COVID-19. The average prices of houses in those areas are fluctuating from year to year but the trend shows they are gradually increasing. There was a significant increase in the average house price in Albuquerque, it was 55.3%. Much like the rest of the country, the Albuquerque real estate market saw an influx in real estate investing activities after the Great Recession. https://www.attomdata.com/news/market-trends/foreclosures/attom-february/ This cookie is set by GDPR Cookie Consent plugin. Your email is safe with us, we dont spam. You can call him kid, you know, I dont know what age can you start calling? Yeah. It was so satisfying. Franco said she expects interest rates to remain low, homes to remain scarce, and Albuquerque to remain popular with new arrivals looking for sunshine and green chile. Youre getting less house for more money, Griffin said. Home price growth will remain strong but decelerate: We expect the effects of worsening affordability to lead to a drag on home price growth. Analytical cookies are used to understand how visitors interact with the website. Statewide, the New Mexico Association of Realtors recorded more home sales in 2020 than in any year since the organization began tracking the data in 2008, according to NMAR president Danny Vigil. Of course, there are risks to this assumption, as well as the possibility of new waves of future variants. The share of panelists who believe their long-term outlook might be too optimistic jumped up to 67% from 56% last quarter. Those houses are sold at prices of 3% higher than the offer. Purchase volumes are expected to grow to $2.1 trillion in 2023, $27 billion higher than the previous forecast. According to a report from the Greater Albuquerque Association of Realtors last month, the median home price in the Albuquerque area stood at $325,000. And it looks like the trend maintains that way in 2022. Click to register for our FREE online real estate class! They may not pay the rent on time. More specifically, the median home value in the United States is $337,560 (13.7% more than Albuquerque). Some of them are famous cities like New York or Los Angeles. We expect that rapid house price growth eclipsing gains in wages, combined with the waning effects of past stimulus checks and built-up savings, will make it increasingly difficult for many potential buyers. This website uses cookies to improve your experience while you navigate through the website. This isnt an indication of economic turmoil or of weakness in the housing market; its simply the gradual return to normal levels of foreclosure activity after two years of artificially low numbers due to government and industry efforts to protect financially impacted homeowners from defaulting.. I mean, we, we have to get all those 20 somethings into their first house. Necessary cookies are absolutely essential for the website to function properly. This cookie is set by GDPR Cookie Consent plugin. Its April, 2021, where theyre forecasting next years home price appreciation. What do they call it? In March 2020, Nob Hill mainstay Zinc Wine Bar & Bistro closed due to the COVID-19 pandemic. After that, the real estate price in the city increased by 11.5%. The donut shop has announced it has closed its South Valley and Northeast Heights locations. Jessica Garcia is a realtor in Albuquerque and says, It is slowing down so homes are listed on average now 10 days, 14 days instead of 2 or 3 days.. Thats nationally. The transaction process also doesnt take a very long time, it is averagely only dealt with in 12 days. And not just Freddie Mac. Albuquerque Area MLS Map and MLS Areas List. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Some extra notes, quotes, news and notes from the Lobos Friday night basketball game in Fort Collins, Colorado. The same profit margins investors once found readily available are growing harder to find. We are assuming in the near term that the Omicron COVID-19 surge will have only modest and temporary economic impacts. For December For housing, the past year's demand surge was driven by a combination of factors, including low mortgage rates, down payments supported by stimulus checks and other savings, and a pandemic-driven reshuffling of preferences and move timing on the part of many households, all of which are expected to wane. So again, they, they are expecting a healthy growing residential real estate market. Each month in 2022, home values have tested new highs, and they might continue to do so well into 2023. Even in the list of 75 most populated cities in the country, the city is considered one of the least expensive to live in. Demand in the Albuquerque real estate market appears to be undergoing a shift from single-family homes towards condominiums. As of April, the average rate on a 30-year fixed-rate loan was 4.72%, according to Freddie Mac. Compared with some other big cities in the US, Albuquerque is relatively isolated. The low inventory has created bidding wars among prospective buyers, with some paying as much as $100,000 over listing price, experts say. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. This should help alleviate some of the supply pressure in the currently tight housing market as both rental and existing ownership units are vacated for these new units. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Kirtland Air Force Baseand Sandia National Laboratories, in particular, have helped Albuquerque improve its job market in recent history. I do see 2021 as being a good year, Bishop said. There are less houses than there are buyers.. Earlier this year, interest rates and they vary from lender to lender on average were in the 3% and 4% range, according to Luke Ham, branch manager for VanDyk Mortgage in Albuquerque. There are some new home builds happening across the metro area, but supply chain issues have hampered timelines on construction. The average home price stood at $372,002, according to the report. In terms of the population growth, Albuquerque is indeed left behind by other big cities in the country. The cookie is used to store the user consent for the cookies in the category "Analytics". While its too soon to tell, competition in the single-family market may have driven more buyers to seek out attached condominiums. Well, it also becomes the next reason why people are interested in living in the city. With, as a homeowner, there you go. Additionally, the median home value in the United States looks as if it is going to appreciate at a faster rate moving forward. The problem, however, has been that supply chain disruptions and ongoing labor scarcity issues are delaying many projects from being completed. Well, theres a couple of news releases. No, that was a good story. Can I get back to this story now? The median price for a single-family detached home stood at $175,000 in March 2015. The minutes from the December FOMC meeting stated that participants judged that "changes in the target range for the federal funds rate should be the Committees primary means for adjusting the stance of monetary policy" as "there is less uncertainty about the effects of changes in the federal funds rate on the economy than about the effects of changes in the Federal Reserves balance sheet." Pittsburgh Real Estate Market: House Prices & Trends, Dallas Real Estate Market: House Prices & Trends, Baltimore Real Estate Market: House Prices, Trends & Stats. So thank you. WebAlbuquerque, NM Real-Time Housing Market Conditions. KRQE NEWS 13 - Breaking News, Albuquerque News, New Mexico News, Weather, and Videos. Expert investor Than Merrill explains how these time-tested strategies can help you to profit from the current opportunities in real estate. For Albuquerque in New Mexico, the history of the real estate market trend showed that the HPI in April 2017, it is 150.2 and in April 2022, it is 234.8. Our expectation of 7.6 percent growth in 2022 is still considerably higher than the average pace of 5.4 from 2012 to 2019. Albuquerque metro area housing market shows signs of correction Data from the Greater Albuquerque Association of Realtors shows decreases in closed sales and in February 24, 2023 11:00AM The most expensive one is High Desert with an average price of $612,000. So yeah, its a, its a good program. But some points make the city better than others. The report looks backward at the period of December 2000 or more than 20 years ago. Some good examples are the Ventana Farm, Cabezon, Enchanted Hills, Hills Village, Northern Meadows, Tanoan, and Alturaand. Moreover, Kiegel said the inventory of homes for sale needs to be in the thousands to make the market healthier for buyers. It really seems like theyre moving to be closer to family, she said. Interesting. Right. I closed one this week, Tigo. Of course, you cannot compare it with bigger cities like New York or Los Angeles. Condominiums are selling nearly twice as fast as their single-family counterparts. Published: Tuesday, January 11th, 2022 at 7:48AM A house was for sale off Coal Avenue in Albuquerque in September. It was the fourth consecutive year that New Mexico saw a higher percentage of inbound moves than outbound moves, according to an annual survey by United Van Lines. Our forecast process is such that the interest rate projection was completed at the end of December, prior to the most recent increases in the 10-year Treasury rate (1.72 percent as of this writing, up from 1.52 percent on December 31). It happens. But anyway, its, its good to see that theyre doing that because not only does that help that person, it actually helps stimulate the economy. But now that hot housing market is cooling off thanks to higher interest rates. Investor Trends: Albuquerque real estate investors, like homebuyers, will hurry to take advantage of relatively low interest rates before they get too high. Well, you cannot say that it is too cheap and the average price is indeed still higher than in places like Milwaukee. However, its unknown to what extent the reshuffling becomes a longer lasting phenomenon. Only a few houses in certain locations get high demands. As the post-COVID housing market reveals itself, we anticipate the following themes to emerge over the year, as well as answers to some large unknowns: Affordability will increasingly limit home sales: This isn't to say that we expect a soft year for home sales in absolute terms. Just for the land and the permits and the yup. But you can still say that the weather there is nice and super comfortable. All information presented should be independently verified. A recent report from Redfin estimates that 18.2 percent of single-family sales in Q3 2020 were by investors, up from 11.2 percent a year prior. ALBUQUERQUE, N.M. (KRQE) The Albuquerque real estate market took off over the last two years, often forcing home buyers into a bidding war. The Albuquerque real estate market has appreciated nearly twenty percent over the last 12 months. Amen to that. So Freddie Mac does a quarterly forecast where they look into Freddie Mac, you know, as one of the the, the big government sponsored mortgage funds basically. Learn How To Start Investing In Real Estate, Register to attend a FREE online real estate class, building a proper rental property portfolio, https://www.zillow.com/albuquerque-nm/home-values/, https://www.bls.gov/eag/eag.nm_albuquerque_msa.htm, https://www.census.gov/quickfacts/albuquerquecitynewmexico, https://www.neighborhoodscout.com/nm/albuquerque/real-estate, http://www.gaar.com/images/uploads/statistics.pdf, https://www.macrotrends.net/cities/22908/albuquerque/population, https://www.attomdata.com/news/market-trends/foreclosures/attom-february/, https://www.sofi.com/learn/content/foreclosure-rates-for-50-states/. Are COVID-related shifts in housing over? https://www.zillow.com/research/data/ Mackenzie Bishop, co-owner of Abrazo Homes and president of the Home Builders Association of Central New Mexico, said Albuquerque has chronically underbuilt housing for about a decade coming out of the recession. the number of home sales theyre predicting to be above last year, last year was a record year, 6.5 million nationally. And I know all the builders out there that listen are saying amen to that too, because you know, people are going well, how come theres no new construction under $300,000 in Albuquerque? Ive seen that on all the air quote experts are saying the same thing, right? Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. The average price forAlbuquerque homes for saleis $327,000, increasing from the average price in 2021 at 21.1%. In addition, the median home listing Many will turn to rental properties, as rates will help investors simultaneously offset higher prices and increase cash flow. Whether youre brand new to investing, have closed a few deals, or are a seasoned investor our new online real estate class reveals the best real estate strategies to get started with real estate investing in today's market. The median home price in metro Albuquerque reached $247,500 for the year, the highest on record, according to GAAR. The number of pending sales increased 41.1% year-over-year, and the But that hasnt been the case in Albuquerques real estate market. The cookie is used to store the user consent for the cookies in the category "Analytics". Okay. New Mexico and ABQ News, Sports, Business and more, By Stephen Hamway / Journal Staff Writer But opting out of some of these cookies may affect your browsing experience. Albuquerque Real Estate Market Investing: Should You Invest? Albuquerque real estate agent Tego Venturi said many of the conditions for strong growth were in place before the COVID-19 pandemic reached New Mexico in March. While the unemployment rate in the United States is about 3.6%, Albuquerques unemployment rate is approximately 4.4%. In the past month, from May 26 to June 26, 2022, there are 753 houses sold in Albuquerque. Yeah. We also use third-party cookies that help us analyze and understand how you use this website. Median List Price: $400,117 (+14.0% year over year), Median Home Value (1-Year Forecast):15.6%, Inventory Of Homes For Sale: 523 (-40.8% year over year), New Listings: 1,136 (-13.2% year over year), Closed Sales: 1,020 (-12.7% year over year), Days On Market Until Sale: 17 (-19.0% year over year), Median Rent Price: $1,274 (+16.4% year over year), Unemployment Rate: 4.4% (latest estimate by the Bureau Of Labor Statistics), Median Household Income: $53,936 (latest estimate by the U.S. Census Bureau). According to a February 2022 report from the Greater Albuquerque Association of Realtors, the average home price stood at $367,566. Some websites and experts have predicted the future of the Albuquerque real estate market at least for the next 5 years. And everyone that bought a house today is going to be wishing they hadnt, I, I dont want to go into the detail, but Ive seen some great charts on, you know, what markets in the country are down in. If it MUST be the NIT, UNM basketball has After bill was vetoed last year, lawmakers try again Senate Bill 2 would bring the pay of state Supreme Court justices in line with federal magistrates, representing about an 18% increase, and lower Zinc Wine Bar & Bistro to reopen after three years, Maxwell Museum exhibit focuses on Native American basketry from its collection, Harwood exhibit looks at the overlooked history of the Black cowboy. At that time, real estate in Albuquerque boasted a median home value of $170,000. This week the median list price for Santa Fe, NM 87508 is $762,500 with the market action index hovering around 42. About the Mortgage Lender Sentiment Survey, About the Refinance Application-Level Index, January 2022 Multifamily Market Commentary, Emergence of 'New Normal' Housing Market Begins, Mark Palim, VP and Deputy Chief Economist. The New This compares to our previously projected rise of 7.4 percent and 2.9 percent. She explains, It was just a scary experience, especially at my age. Real estate agents credited an influx of residents from other states, low interest rates and a shockingly low inventory of homes for the jump in prices. I would expect that 2022 will start with all-time low number of homes on the market, Venturi said. Undeniably, in the USA, there are many places considered the best for real estate and property investments. Second, theAlbuquerque cost of livingis also still not too high. The Business Based on surveys and data per April 2022, Albuquerque along with some cities in New Mexico is the sellers market. Help is on the horizon, but prices will keep rising until it gets here. Improving employment numbers, pent-up demand, and a lack of available inventory will all contribute to higher home values over the course of 2022. Roxanne Thomas recently closed on her new home in Albuquerque and says it was the happiest day of her life. Elsewhere in the state, Vigil said he was interested to see how recent federal restrictions on the oil and gas industry would impact real estate in Lea and Eddy counties, where a particularly tight housing market forced oil workers into RVs and temporary man camps while the oil and gas industry boomed.