IT’S A TYPICAL SUPPLY AND DEMAND SITUATION FOR THE REAL ESTATE MARKET IN THE ALBUQUERQUE METRO. KENT CRAVENS WITH THE GREATER ALBUQUERQUE ASSOCIATION OF REALTORS, OR “GAAR,” SAYS BUYER DEMAND IS STRONG RIGHT NOW. HE SAYS SALES IN THE FIRST QUARTER OF THIS YEAR WERE UP, TOTALLING NEARLY 23-HUNDRED UNITS, WHICH IS A MORE THAN SIX PERCENT INCREASE OVER THE SAME TIME LAST YEAR.
CRAVENS SAYS LOW INVENTORY MEANS THIS IS A SELLER’S MARKET. HE SAYS THE LOW INVENTORY MEANS PRICES ARE HEADING UP AS WELL. THE AVERAGE SALES PRICE IS NOW OVER 223-THOUSAND DOLLARS, UP 3-POINT-27 PERCENT OVER THE FIRST QUARTER OF 2016.
