Right. But, but for the most part, its, its East and Midwest markets, not the South and the Southwest where we are, everybody in the South and the Southwest is, is booming one way or another. Back in September, Zillow released a bullish 2022 forecast which predicted U.S. home prices would climb another 11.7% over the coming 12 months. Monday, February 8th, 2021 at 12:02AM. And they always look and like, kind of give a forecast whats going on and what theyre saying for, you know, right now were somewhere around 3.1, 3.2% interest rates that, you know, it fluctuates obviously, but theyre saying through 2021, its going to stay pretty close to here in the low mid to low, to mid, to low threes. That really is a satisfying part of what we do for sure. https://www.census.gov/quickfacts/albuquerquecitynewmexico Mortgage rates dropped to record-low levels amid fear of an economic contraction, which Venturi and other real estate agents credit for keeping the market strong. At the current mortgage rate of 3.22 percent, we estimate that about 32 percent of outstanding mortgage balances have at least a 50-basis point incentive to refinance. This cookie is set by GDPR Cookie Consent plugin. That said, the Albuquerque real estate market is focused on the light at the end of the tunnel, which is growing brighter by the day. Well, it also becomes the next reason why people are interested in living in the city. The average rental price is $889 per month with the buying price of $204,100. This measure is likely soon to meet or eclipse the recent high recorded in 2018, which precipitated a notable slowing in home sales following a rise in mortgage rates. Copyright 2023 Nexstar Media Inc. All rights reserved. Some good examples are the Ventana Farm, Cabezon, Enchanted Hills, Hills Village, Northern Meadows, Tanoan, and Alturaand. However, based on the trajectory of cases abroad in some of the early outbreak areas such as South Africa and parts of Europe, we expect the U.S. wave to begin to pass in the coming weeks. While Albuquerque has been a tight housing market for years, it got significantly tighter in 2020. The average price of land per feet square is $190, increasing from the average price in 2021 at 20.3%. Your email is safe with us, we dont spam. On the whole, however, we expect home sales to be dramatically lower, down 14.1% compared to 2022 as both buyers and sellers pull back from a housing market and economy in transition. https://www.zillow.com/home-values/ So Im glad to see that that FHA and Fannie and Freddie are doing that. Rates are now higher than they have been in years, and they will continue to increase throughout 2022. This is especially true in certain hot markets. Albuquerque metro area housing market shows signs of correction Data from the Greater Albuquerque Association of Realtors shows decreases in closed sales and in February 24, 2023 11:00AM Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Another method is used to know how good the market for rental houses is and their affordability. Thats what happens when I read these stories a couple of days ago and then try to recite them back to memory. 6703 Academy Blvd NE Albuquerque NM, 87109. In the past month, from May 26 to June 26, 2022, there are 753 houses sold in Albuquerque. With local home prices increasing at such a fast pace, some neighborhoods have taken the momentum and run with it. Changes in the assumptions or the information underlying these views could produce materially different results. How is theAlbuquerque real estate market? Housing Trends and Questions for the Year Now. This isnt an indication of economic turmoil or of weakness in the housing market; its simply the gradual return to normal levels of foreclosure activity after two years of artificially low numbers due to government and industry efforts to protect financially impacted homeowners from defaulting.. The analyses, opinions, estimates, forecasts and other views published by the ESR group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management. The report looks backward at the period of December 2000 or more than 20 years ago. Yeah. We maintain our expectation of 2021 real GDP growth on a Q4/Q4 basis to have been 5.5 percent, the highest since 1984. Among the other figures from GAAR's February 2021 Albuquerque residential market report when compared to the previous year: Days on the market decreased Median List Price: $400,117 (+14.0% year over year), Median Home Value (1-Year Forecast):15.6%, Inventory Of Homes For Sale: 523 (-40.8% year over year), New Listings: 1,136 (-13.2% year over year), Closed Sales: 1,020 (-12.7% year over year), Days On Market Until Sale: 17 (-19.0% year over year), Median Rent Price: $1,274 (+16.4% year over year), Unemployment Rate: 4.4% (latest estimate by the Bureau Of Labor Statistics), Median Household Income: $53,936 (latest estimate by the U.S. Census Bureau). Still, none appear more attractive than building a proper rental property portfolio in the wake of new Albuquerque real estate trends. At that level, listings are down 40.8% year over year. Data sources for charts: Federal Housing Finance Agency, U-Haul, Core Logic, MRS Securitization Disclosure Data, Federal Reserve, Fannie Mae ESR Analysis. Mortgage rates now stand at about 5% and may continue to climb. The metropolitan area includes some big locations such as Rio Rancho, Bernalillo, Bosque Farms, Corrales, Belen, Placitas, and Los Lunas. For so many years,Albuquerque real estatehas had some areas that are considered the best for property investment. Additionally, data on the number of lots being acquired and developed by homebuilders points to an increase in the total amount of homes likely to be made available for sale later this year. 1119 Alameda Blvd NW Albuquerque, NM 87114. There are significant uncertainties around the path of the macroeconomy and interest rates. Our forecast for refinance originations also had minor revisions relative to last month. 3 Mar. First, generally, the prices of properties in Albuquerque tend to be more affordable than in other big cities in the USA. Our forecast for purchase mortgage origination volumes for 2021 was revised downward slightly based on incoming data. Are COVID-related shifts in housing over? Interested in learning more about today's most lucrative real estate strategies? Be patient, I know situations are different. Indeed, there are some expensive houses in certain locations but some others are even very cheap. Bishop said he expects the inventory of new homes to remain chronically low for another 12 to 18 months. It should be giving credits to the home builders to get those houses built, to offset the increases. The data show that the median home listing price in Albuquerque is $324,000 in April 2022. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Any reliance on this information is at your own risk. Franco said she expects interest rates to remain low, homes to remain scarce, and Albuquerque to remain popular with new arrivals looking for sunshine and green chile. While the unemployment rate in the United States is about 3.6%, Albuquerques unemployment rate is approximately 4.4%. Yeah. In March 2020, Nob Hill mainstay Zinc Wine Bar & Bistro closed due to the, Currently, the Maxwell Museum is displaying 'Conversing with the Land: Native North American Baskets of, The Harwood Museum of Art's exhibition 'Outriders: Legacy of the Black Cowboy' explores this history. I closed one this week, Tigo. It was so satisfying. Thats not a pending that one exists. For now, there appears to be ample prospective homebuyers engaging in bids to facilitate sales even as some drop out of the market completely, but the amount will likely lessen as the year unfolds. And youre seeing multiple offers out there and buyers paying, you know, $20,000, $30,000 up to $100,000 (over asking price)., Local experts say that trend, in part, has come from workers relocating to New Mexico with large amounts of cash on hand. It is very beneficial if you are a landlord in the city. The report notes that was the biggest annual increase since 2014. This is less than last month's market action index of 44. *The information contained herein was pulled from third party sites. While home price growth during an economic downturn might seem counterintuitive, Albuquerque wasnt the only city that saw significant home price growth in 2020. To be clear, the latest increase isnt significant, but its important to note that positive net migration at the time of the pandemic is encouraging. Besides, the population in the city has also significantly grown recently. http://www.gaar.com/images/uploads/statistics.pdf Even though inflation is expected to eventually ease, a higher-than-pre-COVID range is forecast for the foreseeable future. The housing market is going to stay healthy and slowly mortgage rates will move up. Demand in the Albuquerque real estate market appears to be undergoing a shift from single-family homes towards condominiums. Based on a slightly higher interest rate expectation, which outweighs the more optimistic home price growth forecast, we have revised downward our forecast for 2022 refi volumes by $25 billion to $1.3 trillion. And I said to clarify, thats how much you have to at least reduce your monthly payment by to qualify. This cookie is set by GDPR Cookie Consent plugin. So, what are the cons of investment properties in Albuquerque? The hot market in Albuquerque and surrounding areas follows a nationwide trend of rising home prices and low inventory. Around 35% of the total population in Albuquerque is bilingual as the people are fluent in English and Spanish. While most primary cities lost residents to work-from-home trends, Albuquerques affordability appears to have attracted buyers in search of more affordable living arrangements. We are seeing a little more cash come in because interest rates have risen so much and its becoming hard for people to afford a home, said Garcia. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Still, Venturi acknowledged that the pandemic exacerbated some of these trends. After many offer rejections, she finally has a place to call her own after closing on a home in Albuquerque. More supply is coming eventually: The total number of homes under construction, including both single-family and multifamily units, is the highest since 1973. While hard numbers remain difficult to come by, real estate agents agree they also saw plenty of buyers from out of state in 2020. The average price of houses in Albuquerque is quite affordable. https://www.freddiemac.com/pmms The transaction process also doesnt take a very long time, it is averagely only dealt with in 12 days. Inflation, which has increasingly affected Americans, has played a part in increasing home prices, along with the low inventory and historically low interest rates for mortgages. Albuquerque currently has a relatively high unemployment rate. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. In February, about 540 homes were available on the market which was, at the time, a record low, according to GAAR.
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