Status of the Market for Albuquerque in 2015

2015 appears to be the year that the Albuquerque Real Estate Market made a noticeable upturn. Since the housing crash in 2008 all of the housing markets outside of New Mexico had been experiencing great comebacks from that with the exception of New Mexico. All of the surrounding states that include Colorado, Nevada, Texas and Arizona have bounced back nicely and are currently in great health. So, what makes New Mexico unique? Largely New Mexico's economy is driven by government funding and most of the private sector jobs that were linked to industry and technology moved out of the state or just went out of business during the 2008 economic crash. This forced a good portion of the talent and skill not only out of work but out of the state as well. These people with great skills simply could not find work here in the state. Currently the pricing in surrounding states is making New Mexico an affordable place to decide to set up shop and there are doing just that. With this turn around, the housing market is turning up with it. As of late fall 2015 most of the foreclosure inventory has moved off the housing market and the majority of homes currently available are market homes and we are seeing a substantial increase in the speed that homes are selling and a slowdown in which they are being put on the market for sale. This is translating into a price increase in Albuquerque's market quarter after quarter. See the linked Greater Albuquerque Association of Realtors (GAAR) link for more details. Market Stats.