February 2009 Market Update --The Greater Albuquerque Area of New Mexico

Indicators for February’s residential real estate market in the Greater Albuquerque Area were inconclusive as to whether the market was shifting upward or down. We had more new listings entering the market than in January but the inventory decreased. The combined total for detached, single family homes, condos and townhomes on the market was just over 6,000. That’s good! We had more closed sales in February than in January but fewer pending(properties with accepted offers awaiting closing) sales.

In January there were 324 closings and in February 343-significantly less than at the same time in 2008. Not every market area saw sales activity. The busiest areas were the City of Albuquerque and Rio Rancho followed by the Los Lunas, Belen, Bosque Farms area.

Average sales price continued its decline, but the median price showed a slight increase. Single family detached homes were $209,515 (average) while the median was$184,900. The top selling price range for detached homes was $200,000 - $249,000, and for condos and townhomes $140,000-$159,000. The average number of days on the market increased to 96 with an almost nine-month supply of homes onthe market.

It is difficult to evaluate the trend of the market based on the current statistics. We may have to wait for April and springtime to see if trends become more defined. Are they the result of seasonal adjustments or market conditions? Are they a combination of both?