Existing Home Sale Prices in Albuquerque

Existing home sales prices in Albuquerque has shown very little change over the same month (June) as last year. The average home price in Albuquerque in June 2007 was $254,298 while it was $248,375 in June 2008 an over all decrease of only 2%. However the median home price rose from $201,500 to $203,500 or just under 1% giving a healthy indication of the overall market. the median home price measures the middle of the market regardless of size or price and is not warped by a glut of inventory in one particular spectrum of the housing market. (Information provided by G.A.A.R Greater Albuquerque Association of Realtors)

While this is overall good news for home sellers, the total supply of homes for June of 2008 is 6,428 with 738 homes selling, it translates to a nine month supply of homes or an average of nine months to currently sell a home. (Individual neighborhoods vary greatly from this number in some neighborhoods homes are still selling in fifteen days or less.) Traditionally in August more homes enter the market so we might actually see a slowdown to a supply of ten to eleven month supply.

Abaris Team has had a constant supply of inventory of homes for sale this year and has a turnaround average of about 65 days!

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