Market Conditions - July 11, 2006 by Carla L. Davis
Compared to many other cities, Albuquerque, New Mexico, is experiencing a hot market. Experts are reporting that a small inventory of homes on the market -- and plenty of ready and willing buyers -- has led to sellers market conditions. Prices continue to rise at above average appreciation rates and investors are making their mark. Why live in Albuquerque? It was voted #1 in Forbes magazine's annual list of "Best Places for Business and Careers," and offers a healthy dose of culture -- ranging from film projects to Native American art. While the market has slowed slightly, 66 percent of homes are still selling in less than 2 months -- over 10 percent more than last year at this time. The average single family home price is up 12.1 percent to $226,835. Condo prices are up 10.3 percent to $147,235. Other figures indicate the price per square foot, on average, is $110. All the way across the country we look now to Blue Bell, Pennsylvania, one of Money magazine's "100 Best Places to Live in the United States." (July 2005) This small suburb sees a slightly higher price than Albuquerque, with the average at $488,375. This market is what many experts are calling "favorable," meaning that while interest rates are on the rise, and years past saw jumps in affordability -- homes are still moving off the market at a healthy pace. It is a neutral market with neutral prices. | 
