Local realtor breaks down Albuquerque’s housing market

ALBUQUERQUE, N.M. – It’s getting easier to find a new house in Albuquerque. A new report from the New Mexico Association of Realtors shows inventory and sales aren’t slowing down in the state.

The real estate market took a wild ride over the past year and a half.

"The last year has been, I think a fair word, especially earlier in the summer, was frantic," said Tego Venturi, realtor and co-owner of Venturi Realty Group.

Venturi said he believes the market has downgraded from frantic to steady.

"We’re still seeing multiple offers on homes, we’re still seeing people paying over list price for homes, and it’s just not quite as crazy as it was earlier in the summer."

A recent report from the New Mexico Association of Realtors shows real estate sales continue to grow month by month. It also shows average home prices increased by 14% in the same time frame – from $250,000 to $284,000.

"That is a huge move in home prices and so yes those type of things are very scary at the surface,” said Venturi. "Albuquerque is still actually relatively affordable compared to especially our counterpart markets around the west and the southwest."

The report shows the lowest fixed mortgage rates still sit at 2.86%.

Venturi said low interest rates are a main contributing factor to high demand.

"The things that could slow down the market is you know, some higher interest rates, but there just seems to be such a strong demand for housing. Basically, it comes down to there’s not enough homes either for rent or for purchase for the number of people that want them."

The association said real estate activity totaled more than $900 million in August, that’s a 10% increase from August of last year.

"Trying to time the market and all of that stuff is difficult. If you need a home, you need a home. You’re either gonna rent or you’re gonna buy,” said Venturi.