Albuquerque Realizes Highest 1st Quarter Sales Since 2008

Sales of single family detached homes increased 12.65% from the first quarter of the year prior, according to the latest quarterly numbers published by the Greater Albuquerque Association of Realtors.  This led to a first quearter of closed sales totaling 1,736, the most since 2008.  In addition, the median price of a single family detached home (the price that exactly half the sales were more than and half were less than) increased to $168,000, an improvement of 5%, from the first quarter of 2012.

“The real estate market recovery is slow and steady,” said Julie Greenwood, President of the Greater Albuquerque Association of REALTORS®.   “Interest rates are still low and affordability has never been better.  Some renters can purchase their own home for close to the same or lower than their rent payment,” said Greenwood.

Do you think your home has held its value over the past five years?

www.GregLobb.com

13209 Bellamah NE (Albuquerque, New Mexico)

Cute four bedroom snuggled at the base of the FOOTHILLS! Updated kitchen (2007) with six burner gas stove & electric ovens (broiler, conventional, & slow cook) plus sunny breakfast area. Kitchen looks out to large family room with beam ceilings and fireplace. Formal living room & dining room. Very private enclosed front courtyard & large side yard would make great RV/Boat parking. Water heater/membrane roof installed in 09. Fabulous location close to walking and bike paths. Mountain views. Pitched portion of the roof replaced April of this year.

13209 Bellamah NE

Albuquerque, NM 87112

Price: $279,900
MLS#: 755583
Bedrooms: 4
Baths: 2
Sq Ft: 2,115
Garage Spaces: 2
Click for More Details

 

Extras
2+ Living Areas
MB Dbl Sink
Beam Ceiling
Cable TV
Cathedral Ceilings
Ceiling Fans
Pantry
Formal Dining Room
Patio Covered
Courtyard
Fenced Backyard
RV Pad

www.GregLobb.com

Housing Recovery Spurs Overall Job Growth

While our economy is not quite back to where it once was, it is looking considerably better than it had five years ago.  Unemployment is the one unrelenting problem that continues to be a hindrance to achieving that goal.  

 According to Freddie Mac's US Economic and Housing Market Outlook report, one bright spot in the unemployment reports though is the housing industry.  Construction job growth has been strong, despite weak unemployment surveys overall.

This beautiful housing recovery we are in the midst of translates to more housing units being built by more builders as evidence that housing starts surpassed one million starts at an annualized rate for the first time since 2007.  That is an improvement of 47% more compared to March 2012.  One of the hardest hit industries over the past six years has been the construction industry, but over the past six months, construction jobs have been responsible for 15% of all job growth. 

"Housing construction is starting to pick up, but is well below historical averages," Nothaft said. "Supported by low mortgage rates, we expect more homes to be built in 2013 than in any year since 2007. This increased construction employment should continue to help bring down the overall unemployment rate."

According to the report, the housing sector is expected to add a half a percentage point to GDP growth in 2013.  The construction recovery will continue to grow and spur overall job growth as long as housing prices continue to grow and interest rates remain low.

What is your perception on the recovery of our economy and the construction industry in particular?

www.GregLobb.com

Albuquerque Housing Market Report - March 2013

Over the past two months our market has seen an increase in the average sales price of single family detached homes.  March saw an increase over the prior year of 6.82% to an average of $202,605.  From March 2012 the median sales price of a single family detached home rose 10.06% to $175,000.

March was the fifteen straight month where sales surpassed the same month of the prior year, seeing an increase in sales of single family detached homes in the greater Albuquerque area of 12.75% from the year prior.  Single family detached homes also saw an increase in pending sales, rising 8.52% from March 2012 and 21.36% from February 2013.

“Sales are increasing steadily,” said Julie Greenwood, 2013 President of the Greater Albuquerque Association of REALTORS®, “which are good signs for the housing market.”  “The fact that we have seen some movement in price indicators is also a good sign that the market place is reacting to low interest rates and affordable prices,” she added.

Read the full March 2013 Market Report here.

www.GregLobb.com

9919 Sand Verbena Trl NE (Albuquerque, New Mexico)

This Bealhan home in the gated community of Ocotillo was once the model home. Magnificent. This open floor plan has exceptional flow with a separated master bedroom complete with a fireplace and has its own backyard access. This home includes top of the line appliances, gourmet kitchen with granite counter tops, large breakfast nook, beautiful cabinetry, beam ceilings, wood shutters and shiny new wood floors. You will love the gorgeous mountain views from the backyard that includes a fireplace and large grill. A 375 foot detached guest home with a full bath makes this property the complete package.


9919 Sand Verbena Trl NE
Albuquerque, New Mexico 87122



Price: $625,000
MLS#: 755683
Bedrooms: 3
Baths: 3 Full
Sq Ft: 3,043
Garage Spaces: 3
Click for More Details

Extras

In-Law Suite
Alarm System
Beam Ceiling
Master Bath Garden Tub
Built-In Bookcase
Pantry
Raised Ceiling
Separate Shower
Walk-In Closets
Covered Patio
Courtyard
Fireplace
Storage
Grill

www.GregLobb.com