How is the higher end of the market? How much activity has there been in the last 6 months for homes over $500K? How about the last 2-3 years?

Asked by Billy, Albuquerque, NM Thu May 13, 2010

? How long will it take the current inventory to sell at the rate homes are selling?

Thank you!


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Tracy Venturi, Agent, Albuquerque, NM
Thu May 13, 2010
I have not looked at this in bit, but it’s what I expected. These numbers include the metro Albuquerque area including the all the East Mountain areas, Placitas, Rio Rancho, Corrales, and areas south to Belen. These are homes priced at $500k or more. There are currently 684 homes on the market, 71 Pending, and 260 Sold in the past year. So... if you include the pending as sold there is a two year supply of homes at the current sales pace. If we just look at homes over 1 million the numbers are… 123 currently on the market and 18 sold in the pat year (ouch!).

I was curious so ran the under $500K numbers also. Active (for sale) homes are 4519 and sold or pending is 8761. And if I look at under $300k the sales volume is even stronger.

Needless to say the high end is rough right now. I feel that the difficulty of getting jumbo loans has something to do with it and of course people are more careful about getting into large home payments. Great deals for buyers...

Here are some historical numbers on the sales of homes more than $500k.
2009 – 250
2008 – 352
2007 – 563
2006 – 548
2005 – 457
2004 – 282
2003 – 158
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Brandon DENT, , Albuquerque, NM
Thu May 13, 2010
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