The ABQ actual property market ended 2017 with nice success »Albuquerque Journal

ALBUQUERQUE, NM – The Albuquerque Metro housing market ended 2017 well, according to the Greater Albuquerque Association of Realtors.

In 2017, 11,477 single-family homes were sold, almost 7 percent more than in the previous year. The average home price soared nearly 4 percent to $ 196,900.

The association said the number of days homes were in the market from 72 days in 2016 to 54 days in 2017 in the metropolitan area that includes Bernalillo, Valenica, Sandoval, Torrance and parts of Socorro and Santa Fe counties , has decreased.

The total dollar volume from single-family home sales last year was $ 2.7 billion, up 12 percent year over year.

Association president Danny Vigil says the market has been tough for buyers last year because many homes were sold once they were listed, a situation that clearly favored sellers.

“Although inventory has remained tight year-round – just over two months now – buyers still haven’t been deterred from entering the market and have been drawn in by the variety of price points and property types in the area,” especially new builds said Vigil.

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In popular locations in Albuquerque and Rio Rancho, such as Northeast Heights and the Paradise Hills and Taylor Ranch neighborhoods, good-priced homes were selling fast.

“One area that is in strong development is Valencia County,” said Vigil, an associate broker at Coldwell Banker Legacy, particularly new housing developments in Las Lunas and Belen. “Young families are very happy about affordable new buildings; they just want to take care of the landscaping. “

Condo sales rose more than 11 percent year-over-year, while the average sales price of condos sold in 2017 rose nearly 1.5 percent to $ 142,000.

While around 3,000 properties are currently on offer in the metropolitan region, Vigil expects this number to rise noticeably over the next few months and that more “for sale” signs will appear in the courtyards in the spring. “I have five customers up for sale,” said Vigil. “They paint, lay carpets, clean up the clutter so they can make great dollars.”

If you want to start the new year with a new home, you will encounter rising interest rates. Interest rates have been on an upward trend since mid-September, but remain just under 4 percent.

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