Mobility - July 2020 - 25

MARKET AT A GLANCE
ECONOMIC CLIMATE

GREAT

NEW CONSTRUCTION

STRONG

REO ACTIVITY

MINIMAL

SUPPLY

LOW

DEMAND

HIGH

MARKET DIRECTION

INCREASING

MARKET MOOD

COMPETITIVE

MARCH TO MAY 2020 STATISTICAL SNAPSHOT (DURING COVID-19)
CURRENT

PREVIOUS

CHANGE

MONTHS OF SUPPLY

1.5

2.4

-37.5%

AVERAGE SALE PRICE

$270,245

$259,608

+4.1%

MEDIAN DOM

32

42

-23.8%

Statistical data courtesy of Greater Albuquerque Association of Realtors MLS 

International Balloon Fiesta, a yearly hot-air balloon festival that takes place the first full week in
October. The nine-day event features more than
500 vibrantly colored and specially shaped hotair balloons. Balloonists flock to the area because
of the Albuquerque Box-a valley wind pattern
that develops under certain stable conditions.
Balloonists are then able to pilot their hot-air
balloons in a square pattern, creating a picturesque
view in the sky and producing one of the most
photographed events in the world.

LOOKING BACK

Historic U.S. Route 66, known as the Main Street of
America, runs straight through Albuquerque's downtown district. Route 66 served as a primary route for
those who migrated west, adding to the history of
this beautiful city. Now known as Central Avenue, the
road and a set of railroad tracks section Albuquerque
into its four quadrants, NE, NW, SE, and SW.
The city of Albuquerque had a low inventory market in 2019 with a decrease of 5.5% in new listings for
sale; however, the market saw an increase in pending
sales of 5.1% and an increase of 3.7% for total number
of closed sales. Average days on market was 39, with
an average sales price increase of 7.9%, the largest
year-over-year increase in more than a decade.

LOOKING AHEAD

Albuquerque has been recognized as the Sixth-Best
Place for Business and Careers, according to Forbes.
Its economy centers around science, medical research,
and technology, and it is home to Sandia National

Laboratories, Intel, and Facebook-the city was
even the founding location of Microsoft. Dubbed
"Tamalewood," Albuquerque's thriving movie
industry has also attracted Netflix and NBC studios
to establish a main production hub there. These companies have contributed to Albuquerque's job growth,
increasing population, and low unemployment rate,
attracting newfound buyers.
Today, fewer houses are available than in the housing boom of 2006, causing high levels of demand with
decreasing levels of supply. The absorption rate for
Albuquerque is 1.5 months, making it a seller's market. Sellers often see multiple offers, and homes are
selling over list price. Albuquerque also ranks among
top cities where millennials are buying homes.
New Mexico's shelter-in-place orders went into
effect mid-March. Prior to COVID-19, a small inventory of homes was on the market. As we entered our
high selling season, the inventory of homes for sale
dropped to practically nothing available as a result of
COVID-19. The sales price continues to inch upward
in our marketplace, and multiple offers are increasing
due to supply versus demand. We have been fortunate that during this time real estate has remained
essential, and our market is still active. M
Carla Anaya, CRP, is vice president of relocation
services at Coldwell Banker Legacy and a member of the
Relocation Directors Council (RDC). She established
Coldwell Banker Legacy's relocation department in 2001
and oversees five areas and 11 offices in New Mexico and
West Texas. She can be reached at +1 505 280 7034
or carla.anaya@cblegacy.com.

worldwideerc.org | Mobility 25


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Mobility - July 2020

Table of Contents for the Digital Edition of Mobility - July 2020

Mobility - July 2020 - Cover1
Mobility - July 2020 - Cover2
Mobility - July 2020 - 1
Mobility - July 2020 - 2
Mobility - July 2020 - 3
Mobility - July 2020 - 4
Mobility - July 2020 - 5
Mobility - July 2020 - 6
Mobility - July 2020 - 7
Mobility - July 2020 - 8
Mobility - July 2020 - 9
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Mobility - July 2020 - 18
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Mobility - July 2020 - 21
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Mobility - July 2020 - 58
Mobility - July 2020 - 59
Mobility - July 2020 - 60
Mobility - July 2020 - 61
Mobility - July 2020 - 62
Mobility - July 2020 - Cover3
Mobility - July 2020 - Cover4
https://www.nxtbook.com/ygsreprints/WERC/mobility_092020
https://www.nxtbook.com/ygsreprints/WERC/mobility_082020
https://www.nxtbook.com/ygsreprints/WERC/mobility_072020
https://www.nxtbook.com/ygsreprints/WERC/mobility_062020
https://www.nxtbook.com/ygsreprints/WERC/mobility_052020
https://www.nxtbook.com/ygsreprints/WERC/mobility_042020
https://www.nxtbook.com/ygsreprints/WERC/mobility_032020
https://www.nxtbook.com/ygsreprints/WERC/mobility_022020
https://www.nxtbook.com/ygsreprints/WERC/mobility_012020
https://www.nxtbook.com/ygsreprints/WERC/mobility_122019
https://www.nxtbook.com/ygsreprints/WERC/mobility_112019
https://www.nxtbook.com/ygsreprints/WERC/mobility_102019
https://www.nxtbook.com/ygsreprints/WERC/mobility_092019
https://www.nxtbook.com/ygsreprints/WERC/mobility_082019
https://www.nxtbook.com/ygsreprints/WERC/mobility_072019
https://www.nxtbook.com/ygsreprints/WERC/mobility_062019
https://www.nxtbook.com/ygsreprints/WERC/mobility_052019
https://www.nxtbook.com/ygsreprints/WERC/mobility_042019
https://www.nxtbook.com/ygsreprints/WERC/mobility_032019
https://www.nxtbook.com/ygsreprints/WERC/mobility_022019
https://www.nxtbook.com/ygsreprints/WERC/mobility_012019
https://www.nxtbookmedia.com