Housing inventory in Albuquerque and Rio Rancho

Often, people will ask me "How is the Market?".  They have read about the national housing marketing, but they want to know about their house, and their neighborhood. 

While I can't cover every neighborhood in the Albuquerque and Rio Rancho market, I can give you a general idea in this blog.  If you want a more specific look at the market related to your home, please call me at 505-350-0911 and I will be glad to run the numbers for you.

As the chart below states the market is considered a sellers market if there is less than 5 months of inventory of the market.  Sellers will see appreciation, and buyers will see the price they need to pay for a house going up.

 

If the market has more than 7 months of inventory, it is considered to be a buyers market, and prices will generally be going down.

So where does Albuquerque and Rio Rancho stand at the end of March:

• Albuquerque has 4.6 months of inventory (SELLERS MARKET)
• Rio Rancho has 5.03 months of inventory (NORMAL MARKET, MOVING TOWARDS SELLERS MARKET)

 

What's happening with New Home Construction

2013 should be a record year for home sale with interest rate so low, and the only thing that is standing in the way of making this a record year in the level of inventory.  Meaning we don't have enough houses to sell to satisfy the thirst of the people who want to purchase a home. See the chart below for an example of what is happening with housing inventory.

 New home construction is starting up again with an increase of 28.9% over January 2012. Movement in the new home construction industry will provide good jobs for construction workers who have been struggling for the past six years, and a boost for the economy.

So if you want a new home, now is the time to start looking - it takes time to pick your lot, and your floorplan, and make all your selections.  Remember interest rates are going up so you want to select your home and get the process moving.

If you need help finding that perfect home please call me at 505-350-0911. 

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