Home Selling in Albuquerque>Question Details

Jesse, Home Buyer in 87112

How long does a house stay on the market before it is sold?

Asked by Jesse, 87112 Tue Apr 8, 2008

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The latest housing report for Albuquerque shows home prices are starting to slide, and some home buyers say this is just what they have been waiting for.

The report indicates that houses are not only slipping in price, but they are also staying on the market for a lot longer.

“For someone like me, it makes it nice to have a lot of stuff to look at and make sure I get what I want,” 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 country’s numbers.

Olson says Albuquerque’s housing market is correcting itself after the enormous growth over past couple of years

“There 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,” said Olson.

Realtors say the slump is not hitting areas like Nob Hill and northeast Albuquerque as hard as it’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.
1 vote Thank Flag Link Wed Apr 9, 2008
Depends on a lot of things, but primarily value perceived, which is impacted most by price. The average days on market for home in the Albuquerque metro area currently stands at about 71 days. However, the range is wide, from a day to a couple years... again, price will have the most significant impact. Please call, text, or email me any time with questions.
1 vote Thank Flag Link Tue Apr 8, 2008
Allot of great answers but I'd have to say it depends on how well you sell it. Staging it properly, getting listing website for it like http://www.elbosqueatandaluciadelaluz.com/ and promoting it to the hundreds of marketing channels that only take a listing website. Also, how connected your albuquerque real estate agent is to the network of agents in the area that might have a propsective buyer, etc. are just a few things. Some agents are weekend agents and some are deeply involved in their community, their network of fellow agents and from that you get a pool of possible buyers and sellers that in time end up doing something. However if you are in the know you can direct one to a property and have it sold in days or before it even gets to be listed. Marketing plans and area involvement dictate how long an albuquerque home will stay on the market.
0 votes Thank Flag Link Tue Sep 22, 2009
Every market is different. Pricing (i.e. is the home competitively priced?) and Inventory are important. A qualified agent should be able to talk to a seller about market absorbtion rates and can supply a seller with a comparable market analysis or a brokers opinion of value. A typical market to close time frame in my market (the Jersey Shore and surrounding areas) is 3 months.
0 votes Thank Flag Link Tue Apr 22, 2008
Really depends on the individual neighborhoods and competitive pricing. The overall Albuquerque average is about 75 days but areas of town like Ventana Ranch and parts of the NE Heights aren't selling as fast as say the South Valley or Princess Jeanne, but it also depends on the size, price, and condition of the property. I have had homes in the last month sell in perfect condition sell with multiple offers and a substandard property sell with multiple offers. A home if not priced right, for size, location, condition, and proper marketing exposure can site on the market forever.
0 votes Thank Flag Link Tue Apr 22, 2008
Hi Jesse,
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.

pamela 505-710-0021
0 votes Thank Flag Link Tue Apr 22, 2008
In Albuquerque's real estate market there are several factors that affect DOM (Days on market) including area, price range, etc. so if you would like a more specific answer, send those details and I can run averages for you.

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.
0 votes Thank Flag Link Wed Apr 9, 2008
That is a good question! Ask a local realtor to look in your area and give you an idea. Pricing, condition, location and functionality are just a few things that contribute to time on the market. I have had listings in my area for over six months and less than 24 hours.
0 votes Thank Flag Link Tue Apr 8, 2008
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