Fewer Houses for Sale + More Buyers in the Market = Houses Selling in Days and Over List Price

Dated: April 20 2021

Views: 64

Albuquerque houses have NEVER been more in demand than right now. As of early April, 2021, the number of houses for sale in the ABQ metro area was down a shocking 69% percent compared to a year ago. Meanwhile, there are more people ready and trying to buy than in recent history. What’s this mean?

Albuquerque is still a sizzling sellers’ market! Most of the potential buyers are motivated by low interest rates. Mortgage rates have crept up from the mid 2 percent range last month, back up into the low 3 percent range. This is still an amazing rate. The slight increase in rates will affect how much house borrowers can afford, but it’s still a great time to get into their first home, or move up or downsize.

The combination of more buyers and fewer sellers means houses are selling almost immediately. In recent years, Albuquerque sellers had their houses on the market for more than two months before accepting an offer. Now most of the houses I’ve shown in the last few months have multiple offers to choose from within a couple of days.

Thinking about selling your home? There has probably NEVER been a better time than now. If your goal is a bigger house, you’ll be able to sell much more quickly than recent years, then  the low mortgage rates will allow you to purchase more home. If your goal is to downsize, getting a great price for your current house in a sellers market might give you enough equity to buy a smaller house without a mortgage at all. But even with a mortgage if you are downsizing you can look forward to a smaller monthly payment due to lower interest rates, more equity from your existing house, and probably a lower purchase price. Want to have a no-pressure conversation exploring your options? Contact me at (505) 508-8039 or sharonstelzer33@gmail.com. If you are worried about the logistics of making a move go smoothly I can discuss with you several options to ease the transition. 

 

March figures from the local MLS show that compared to one year ago:

  • The median detached home price rose 13.7 percent to  $270,000

  • The average detached home price increased 13.0 percent to  $311,287

  • the overall inventory of detached homes for sale decreased 69.2 percent to  608

Blog author image

Sharon Stelzer

Find your real estate dream using the search bar above. Be sure to set filters for price and other features to find your perfect home. Or let me set up a custom search for you so you automatically get....

Latest Blog Posts

Albuquerque Median House Price up 25% in past year

After years of slow appreciation, the Albuquerque housing market is surpassing the national average in value increases this year. The median price for a single family home in ABQ increased 25.8% in

Read More

Fast Moving Albuquerque Market sees 20% price increase April 2020-April 2021

ABQ House Prices up over 20% from this time last yearThe Median price single family house in the Albuquerque metro area rose 20% in April, compared to one year ago, and now stands at $283,375. The

Read More

Fewer Houses for Sale + More Buyers in the Market = Houses Selling in Days and Over List Price

Albuquerque houses have NEVER been more in demand than right now. As of early April, 2021, the number of houses for sale in the ABQ metro area was down a shocking 69% percent compared to a year

Read More

Red Hot Market Albuquerque Market continues into 2021

The red hot market continues in Albuquerque, buoyed by historically low interest rates. Low interest rates makes it a fabulous time for first time home buyers to get into the market, and nationwide

Read More