A strong March is not enough to make up for a surprisingly weak January and February as far as home sales go in the UNM area of Albuquerque and, in fact, average and median home sale prices are still weak around UNM. But the trend is there and I think we’ll continue to see improvement as we progress through spring and into summer.
And by strong March, we’re talking unit sales and price per square foot. UNM area homes slid in average and median value for March and for the first quarter. We also saw an uptick in foreclosure (REO) and short sales, certainly a factor in the reduced prices.
With an increase in active listings over what was available last year and homes selling at the same pace as then, we’re seeing longer absorption rates (the time it would take all homes on the market now to sell out). I suspect things will pick up a bit as we head into summer, but so far, it’s been a disappointing first quarter for homes sales in the UNM area.
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