March saw some strengthening in the sales trend in Albuquerque’s Near North Valley starting with unit sales and prices, though March’s improvement was not enough to pull things ahead for the entire first quarter over the first quarter of 2014. Regardless, the numbers are pretty good.
Even though average and median sale prices are down for the quarter, they gained well in March. So did the price North Valley homes are selling for by the square foot, both for March and the quarter. The lack of foreclosure (REO) and short sales for the month and year had a hand in the improving prices, and we’ll see if that trend holds.
If you look at the bottom chart (Active Listings) you can see that the lowest priced homes in the Near North Valley are dropping out of the market. That’s why the average and median listing prices are increasing both for the month and the quarter. A good sign for the market.
If you’re thinking about selling or buying a home and would like a more specific analysis of a particular area, neighborhood or home, drop us a line and we’ll put one together for you.
– Joe LaMastra, April 24, 2015