People don’t have to look far in Albuquerque to see housing developments under construction, but the Greater Albuquerque Association of Realtors said there’s a “modest inventory” of homes available at every price range.
“We do have a modest inventory for the overall spectrum of Albuquerque,” GAAR President John Lopez explained. “We do have a large portion of those at a price point that could be starter homes, so we do want to pay attention to that sector of the market.”
Lopez said a city of our size should have about 3,900 homes up for sale at any given time, but we have about 2,300. Additionally, average prices are on the rise at $247,000, according to GAAR’s quarterly report.
“With a modest inventory, that means there’s not a lot of time out there to be looking and looking and looking,” Lopez added. “When you find your home, you want to move forward on it immediately.”
On Thursday, realtors and builders groups met to figure out a solution to help make homeownership in New Mexico more affordable.
“Having a unified voice together and making sure that all of those stakeholders and all those policymakers understand what we deal with, and to be cognizant of each of those issues as we’re dealing with creating policy,” Homebuilders Assoc. of Central NM President Michael Fietz said.
Last year, there were more than 1,000 single family new construction permits for the first time in Albuquerque since the housing crash ten years ago, according to city data. Lopez said that growth is only expected to continue
“The next five years: New Mexico’s on the map. We’re going to have a great increase in people moving to New Mexico,” he said.
In Albuquerque this quarter, the most homes were sold in the northeast heights, southwest heights and northwest heights.