Albuquerque Housing Market Update - May 2024 Insights

Albuquerque Housing Market Update - May 2024 Insights

Tego Venturi of the Venturi Group of Real Broker provides an in-depth analysis of the Albuquerque, New Mexico housing market as of May 2024, leveraging the latest April data. He discusses recent trends in home sales, prices, inventory levels, and mortgage rates without making future predictions. The analysis covers different price ranges in home sales, revealing a 14% increase in closed sales and a 27% increase in home inventory from the previous year. The luxury market saw notable increases in listings and inventory, while lower price points saw declines. Further, Venturi touches on new listings, pending sales, and the changing dynamics of the supply versus demand, including the 'lock-in effect' impacting new listings due to low mortgage rates. Additionally, he presents data on the average days on market, showings per listing, and price variations, highlighting an all-time high in median home prices and a detailed comparison with Zillow's home value index. The report concludes with observations on current list prices and the potential trend for home prices in 2024.
00:00 Welcome to Albuquerque's Housing Market Update - May 2024
00:34 Analyzing Mortgage Rate Trends
01:05 April Market Data: Sales and Inventory Insights
02:47 Long-Term Trends and National Comparisons
04:41 Pending Sales and Buyer Activity
05:23 New Listings and the Lock-In Effect
07:42 Supply vs. Demand Dynamics
08:35 Understanding Days on Market and Showings
10:19 Median Sale Price and Long-Term Price Trends
12:49 Zillow Home Value Index and Future Price Predictions
14:31 Closing Thoughts and Contact Information

Venturi Realty Group - Real Broker LLC
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[RoxyVick]

Thank you for this info! Much appreciated

[vegasstang]

Thanks again for the info! Love the charts! I also watch a realtor podcast show in Las Vegas NV as I own property there as well as Corrales and the charts basically mirror Albuquerque though on a little higher value.