Albuquerque Market is HOT!
According to a county by county report by the Realtors Association of New Mexico, May marked the best month in the last 8 years. Home sales were up four percent statewide with 1795 sold properties in May 2016 compared to 1724 May of last year.
In terms of median sales price, $190,000 was the median price in May which is the highest since 2008 at $194,250. The numbers are definitely positive for the state of New Mexico.
Bernalillo continues to be the busiest county at 687 homes. Sales volume statewide came in at $409.7 million.
What does all this mean for buyers and sellers in New Mexico?
There are two sides to this.
Another factor in New Mexico’s Real estate market is that there are also a lower amount of homes on the market. Homes are selling quickly. This leaves buyers with less inventory to choose from and having to act quickly when they find a home they like.
Multiple offers are common place in Albuquerque and surrounding areas market. There are many factors to consider in today’s selling and buying market due to the continued growth and strength of the New Mexico market.
If you are a buyer or seller in New Mexico you can expect lower interest rates as well. In summary the market in New Mexico is HOT.