The report indicates that houses are not only slipping in price, but they are also staying on the market for a lot longer.
â€œFor someone like me, it makes it nice to have a lot of stuff to look at and make sure I get what I want,â€ said Michael Chavez, who is looking to purchase a home.
Numbers released Tuesday show the average home price has dropped to $229,000. That is down almost 3 percent from the same time last year.
And despite the lower prices, fewer houses are selling, about 800 less than in the first three months of 2007.
And those that do sell are sitting on the market for about 71 days compared to the 46 days it took to sell them a year ago. Rural areas in the surrounding metro area have longer days on market, often over 4-5 months and sometimes over 1 year depending on price and location.
But Cathy Olson of the Greater Albuquerque Association of Realtors says the numbers are much better than the rest of the countryâ€™s numbers.
Olson says Albuquerqueâ€™s housing market is correcting itself after the enormous growth over past couple of years
â€œThere was some over building going on, I also think that we couldn't catch up to the number of builds as well as the onslaught of investors coming in,â€ said Olson.
Realtors say the slump is not hitting areas like Nob Hill and northeast Albuquerque as hard as itâ€™s hitting people on the West Side.
Sellers should expect to be realistic when pricing their home. I have sold homes recently within 3 hours after placing it on the market, another in 8 days and another that had been on the market over 6 months. Advertising is so important, getting the word and generating interest. It's not just a sign. In this market, that doesn't work anymore.
Time on market has certainly increased in the Albuquerque area. It just seems to long for most sellers as last year For Sale signs seemed to go up and down within days. Although, as you can see, its not taking that much longer to sell. Joiah Hooten has given you the stats and as he says there are several factors that make a difference in the individual home sale. That is absolutely true. Recently, I sold one of my listings in 6 days, another a few weeks ago in 2 days. Very exciting for the sellers!!!
I'd enjoy sharing informatio with you on how to sell quickly. Feel free to call or email me if you have questions and want more info.
Here are average DOM by price range:
150k - 250k - 44 days (up from 29 days in '06)
250k - 400k - 49 days (up from 35 days on '06)
400k - 500k - 38 days (up from 38 days on '06)
This is data extracted from Southwest Multiple Listing Service. The link below will take you to a detailed market report prepared by Coldwell Banker Legacy.
Do feel free to call or email questions.