Albuquerque continues to see a aggressive actual property market in the course of the pandemic

ALBUQUERQUE, NM (KRQE) – There aren’t many homes for sale in Albuquerque. Tom Caldwell said he was excited to list his home in the booming Albuquerque real estate market as homes are selling fast. “Most homes in the average price bracket sell in a month,” said Kent Cravens, CEO of the Greater Albuquerque Association of Realtors.

Caldwell has seen this firsthand with his neighbors. “The sign went up, it only took two and a half days to sell. People came out from 8 a.m. to 9 p.m. It was like being in a zoo, ”he said.

Houses on the market are in short supply these days. “As a stable market, 6 to 7,000 houses are being offered for sale at the same time in the greater Albuquerque area. That is an inventory of six months. We currently have 751 homes listed at the end of January, ”said Cravens. “Buyers, if you are serious, you have to act very quickly … If you are a seller make sure you have somewhere to go or you may live in the back seat for a few weeks. There just isn’t that much to buy. When you sell your home and have no other place to go from there. “

The low inventory levels and interest rates contribute to higher prices. “The average resale is currently over $ 300,000. This is the first time in. I don’t know if it’s ever been that high,” Cravens said. He said the skyrocketing price of lumber is also contributing to higher housing and construction costs.

The price pressure extends to upscale properties as well. “Even in the $ 5 to $ 600,000 range, there are instant and varied deals on good, clean properties in good areas,” said Cravens.

With spring just around the corner, it is unclear how market trends will develop. “We usually see an increase in mobility in February, March and April. People start moving because they want to be prepared for school and when school ends people want to be ready to move, they want to move and get back into position before the next school year starts, “said Cravens. “Are people going to move? Do you want to stay at home now because you can work from home? Lots of factors that by the end of February we’re not sure how that will play out for the rest of spring. “

While some buyers are from overseas during the pandemic, a realtor says many are New Mexicans who choose to own when rental rates rise in the area.

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