Market report—March 2007
The real estate resale market activity report for the Greater Albuquerque area remains positive.
Both median and average sales prices have moved up a notch. The median sales price is $198,500.00 compared with $189,800.00 in February. The average sales price is $239,311.00, compared with $234, 170.00 in February.
Closed sales also increased—up 30% from 820 in February to 1,083 in March, continuing an upward trend. The increase from January to February was only 10%.
The average number of days on the market has not increased. At 82, it remains higher than last year at the same time when it was 72. Nevertheless, this is a positive sign since it is remains the same as last month. In the boom years of 2005-2006 the average number of days on the market was 30 or less. (Source: Albuquerque Metropolitan Board of Realtors (AMBR)
In the new housing market, the number of permits issued are reported to be down, reflecting a national trend. However, announcements of new developments continue. To the many continuing small developments, and larger ones like Mesa del Sol of 133,000 acres in south Albuquerque, and Mariposa in north Rio Rancho, must be added SunCal’s Petroglyph project. SunCal has announced intentions for a master-planned development of a 1,500 acre portion of their recent Atrisco Land Grant acquisition.
A positive sign in the new homes development community is the announcements by new major players that their developments are master-planned, embracing varying degrees of commitment to sustainability and building green. See What constitutes Quality of Life? - Green Awareness and http://activerain.com/blogsview/76193/SunCal-s-Westside.