If you are new to the world of purchasing and or selling homes, the lingo of real estate can be confusing. I thought I would talk a little about the basics of real estate and at the same time give you a little knowledge of the current Albuquerque real estate market.
The Realtors in our area belong to The Greater Albuquerque Area Realtor Association. You can learn much about our Association.
One of the most important functions of this organization is the overseeing Albuquerque’s MLS, (Multiple Listing Service), which is the internet based program where all of the listings from all of the licensed Realtors are placed so that we can share Albuquerque inventory with all other Realtors. This is extremely important as this is where we go to search for that special home for our buying clientele. Every Realtor has access to the Albuquerque MLS, so long as they keep their fees up to date. The majority of the time another Realtor other than the listing Realtor actually ends up selling the property.
Currently, the Albuquerque MLS is showing around 6200 listings for Residential Detached and Residential Attached homes. In addition to Albuquerque residential listings, we have 250 Manufactured homes 5725 Land listings, 255 Residential Income (representing duplexes, triplex, 4-plexes and other multi-unit apartment type listings), 150 Commercial Listings and 14 Farm & Ranch listings. These numbers represent a fairly large inventory for Albuquerque Listings. This inventory does represent a buyer’s market.
We all know that our economy is not great right now but on the bright side, the Albuquerque real estate market has not suffered like so many other real estate markets. In 2008 we sold 25% fewer homes than in 2007. But, our average price only decreased 4.3% or about $10,500. This is so much better than many markets where prices have decreased 30% or more.
We are looking forward to a BRIGHT 2009 IN OUR ALBUQUERQUE REAL ESTATE MARKET!