METRO ALBUQUERQUE
Residential Real Estate Report
MID -YEAR 2009
Š COLDWELL BANKER LEGACY
Me t ro A l b u q u e rq u e Albuquerque Rio Rancho Corrales Placitas Bernalillo Tijeras
Cedar Crest Edgewood Moriarty Bosque Farms Los Lunas Belen
10400 Academy Rd. NE Albuquerque, NM 87111 (505) 293-3700
10300 Cottonwood Park NW Albuquerque, NM 87114 (505) 898-2700
1775 Main St . NE Los Lunas, NM 87031 (505) 865-5500
6767 Academy Rd. NE Albuquerque, NM 87109 (505) 828-1000
12042 North Highway 14 Cedar Crest, NM 87008 (505) 821-0000
500 Unser Blvd. SE Rio Rancho, NM 87124 (505) 892-1000
8200 Carmel Ave., Suite 103 Albuquerque, NM 87122 (505) 292-8900
617 West Santa Fe Ave. Grants, NM 87020 (505) 876-2222
ColdwellBankerLegacy.com
REV. 07-10-2009
Recession Easier To Bear Here
All 100 metro areas are feeling the effects of the downturn, but not equally. In March, for instance, the unemployment rate ranged from 5.1 percent in Provo, Utah, to 17.5 percent in Modesto, Calif. From the beginning of 2008 to the beginning of this year, home prices fell by more than 30 percent in Stockton, Calif., but rose by 4.7 percent in Houston, the report says.
By Michael Hartranft Journal Staff Writer – AED
In Albuquerque, employment fell 1.6 percent from a peak level in the fourth quarter of 2007, compared with the 2.7 percent average decline from peak levels for all 100 metro areas. The unemployment rate for the first quarter of 2009 was 6.3 percent, below the 100 metro-area average of 8.8 percent and U.S. average of 9 percent.
Albuquerque is weathering the nation’s economic downturn better than 85 percent of the nation’s 100 largest metropolitan areas, a new economic report says. The Duke City is ranked 15th among metro areas with populations of 500,000 or more for strongest economic performance during the recession, according to the Washington, D.C-based Brooking Institution’s MetroMonitor.
The Albuquerque area’s decline in gross metropolitan product of 1.6 percent was half of the national average, while its 2.1 percent decline in housing prices was much better than the 100 metro-area average of 6.9 percent.
Topping the list is San Antonio, Texas. At the other end is Detroit. “In a lot of ways, Albuquerque is experiencing the recession, but to a much more modest degree than the rest of the nation,” Alan Berube, who co-wrote the report, said in a phone interview Tuesday.
Mayor Martin Chavez said he was pleased with the report, coming on the heels of Albuquerque being ranked No. 2 on Kiplinger’s Personal Finance’s 10 Best Cities of 2009.
The Brooking report, the first in a series on how metro areas have been faring the past 15 months or so, ranks overall economic performance based on employment, unemployment rates, housing prices and gross metropolitan product - total value of goods and services produced in the given metro area.
“One of the things we’ve done successfully over the last 15 years is diversify our economy, from the Sandia Science and Technology Park, to UNM’s technology park, to everything going on at Mesa del Sol with the solar companies and exploding film industry,” he said. “These have all helped us weather the storm better than most communities.”
Average Annual Sale Price - 2004 through Mid-Year 2009 AREA
2004
2005
2006
2007
2008
Mid-Year 2009
Albuquerque
170,424
$206,640
$229,905
$247,136
$233,490
216,404
Corrales
423,120
$460,543
$504,745
$509,642
$546,388
479,352
Rio Rancho
133,808
$172,307
$204,680
$210,545
$200,915
204,038
Bernalillo/Algodones
198,660
$244,386
$299,703
$286,175
$295,392
239,904
Placitas
338,866
$438,412
$522,433
$510,843
$477,840
459,816
East Mountains
189,216
$233,560
$254,003
$266,692
$267,479
256,257
Valencia County
129,800
$154,880
$174,988
$184,671
$176,630
160,607
Metro Area Average
168,745
$205,805
$228,616
$243,089
$232,626
216,628
Source: Greater Albuquerque Association of Realtors® – Detached Single Family Residential
Appreciation and Depreciation by Area - 2005 through Mid-Year 2009 2005 APPREC
2006 APPREC
2007 DEP/APPREC
2008 DEP/APPREC
Albuquerque
+21.3%
+11.3%
+7.5%
- 5.5%
-7.3
Corrales
+8.8%
+9.6%
+1.0%
+7.2%
-12.3
Rio Rancho
+28.8%
+18.8%
+2.9%
- 4.6%
+1.6
Bernalillo/Algodones
+23.0%
+22.6%
- 4.5%
+3.2%
-18.8
Placitas
+29.4%
+19.2%
- 2.2%
- 6.5%
-3.8
East Mountains
+23.4%
+8.8%
+5.0%
+0.3%
-4.2
Valencia County
+19.3%
+13.0%
+5.5%
- 4.4%
-9.1
Metro Area Average
+22.0%
+11.1%
+6.3%
- 4.3%
-6.9
AREA
MID-YEAR 2009 DEP/APPREC
Based on Published Report from Greater Albuquerque Association of Realtors®– Detached Single Family Residential
© COLDWELL BANKER LEGACY
Berube said the recession’s moderate impact on Albuquerque might be due in part to the fact its economy is not as dependent on the housing market as it is in other areas. He also said home prices - like those in parts of the South, Texas and Arkansas, which are also experiencing less severe effects of the recession - did not spike the way they did in other parts of the Mountain West or interior parts of California. “The other thing I point to is the role of government employment at the state level and federal jobs in the region - the labs and the military. It shares that in common with areas like San Antonio and Virginia Beach,” he said. “That characteristic seems to be associated with performance.” The only metro area that showed growth in both employment and output during the first quarter was McAllen, Texas. No metro area has managed to return to its pre-recession level of employment or output, the report says.
MONTHS SUPPLY OF INVENTORY - SINGLE FAMILY PRICE RANGE
2007
2008
MID-2009
$150,000-$250,000
7.0
8.7
7.7
$250,000-$400,000
9.9
13.7
12.6
$400,000-$500,000
13.5
21.3
17.7
$500,000-$750,000
16.1
26.5
30.4
$750,000-$1,000,000
25.0
60.2
72.0
$1,000,000-$3,000,000
47.4
53.4
105.6
All Price Ranges
7.9
10.7
9.6
Source: Greater Albuquerque Association of Realtors® – Detached Single Family Residential
Here’s a look at the 20 strongest performing metro areas: 1. San Antonio, TX 2. Oklahoma City, OK 3. Austin. TX 4. Houston. TX 5. Dallas, TX 6. McAllen, TX 7. Little Rock, AR 8. Baton Rouge, LA 9. Tulsa, OK 10. Omaha, Neb./Iowa 11. El Paso 12. Wichita, Kan. 13. Washington, D.C. 14. Des Moines, Iowa 15. Albuquerque 16. Virginia Beach, Va.-N.C. 17. Harrisburg, Pa. 18. Pittsburgh, Pa. 19. New Haven, Conn. 20. Rochester, N.Y.
DAYS ON THE MARKET - SINGLE FAMILY PRICE RANGE
2007
2008
MID-2009
$150,000-$249,999
44
71
83
$250,000-$399,999
49
13.7
99
$400,000-$499,999
54
21.3
102
Source: Broker Metric® – Detached Single Family Residential
LUXURY HOME SALES - SINGLE FAMILY SALES PRICE
2007
2008
MID-2009
$500,000-$750,000
412
244
86
$750,000-$1,000,000
117
76
20
$1,000,000-$3,000,000
42
36
6
Source: Greater Albuquerque Association of Realtors® – Detached Single Family Residential
Unit Sales - Detached Single Residences AREA Albuquerque Corrales Rio Rancho
2007 SALES
2008 SALES
MID-YEAR 2009 SALES
6,976
5,207
2,118
83
69
25
1,573
1,144
505
Bernalillo/Algodones
60
45
19
Placitas
92
78
23
East Mountain
449
342
123
Valencia County
633
424
186
9,866
7,309
3,003
Metropolitan Area
Source: Greater Albuquerque Association of Realtors® – Detached Single Family Residential
© COLDWELL BANKER LEGACY
Sold Average $
Thousands
Average Sold vs Median Median $ Price – 2 Years (Monthly) June 1, 2007 - June 30, 2009 265 260 255
Average Price Median Price
250 245 240 235
Average Price Jun 2007 $254,298 Jun 2009 $221,566 Price Chg -$32,732 % Change -12.9%
230 Average
225
-12.9%
220 215 210
Median Price Jun 2007 $201,500 Jun 2009 $185,000 Price Chg -$16,500 % Change -8.2%
205 200 195 190 185 180
Median
175
-8.2%
170 165 160 Jun07
Jul07
Aug- Sep07 07
Oct07
Nov07
Dec07
Jan08
Feb08
Mar08
Apr08
May- Jun08 08
Jul08
Aug- Sep08 08
Oct08
Nov- Dec08 08
Jan09
Feb09
Mar09
Apr09
May09
Jun09
Source: Greater Albuquerque Association of Realtors® Detached Single Family Residential Sold Average $
Thousands
Sold Median $ Average vs Median Price – 1 Year (Monthly) June 1, 2008 - June 30, 2009 255 250 245
Average Price Median Price
240 235 230 225
Average Price Jun 2008 $248,375 Jun 2009 $221,566 Price Chg -$26,809 % Change -12.1%
220 Average
215
-12.1%
210 205 200
Median Price Jun 2008 $203,500 Jun 2009 $185,000 Price Chg -$18,500 % Change -10%
195 190 185 180
Median
175
-10%
170 165 160 155 150 Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Source: Greater Albuquerque Association of Realtors® Detached Single Family Residential
© COLDWELL BANKER LEGACY
Months Supply of Inventory
Months Supply of Inventory – 2 Years (Monthly) June 1, 2007 - June 30, 2009
17 16 15 14 13 12 MSI Jun 2007 Jun 2009 Change % Change
11 6.3 6.7 0.4 5.4
10 9 8 7
5.4%
6 5 4 3 2 1 0
Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun07 07 07 07 07 07 07 08 08 08 08 08 08 08 08 08 08 08 08 09 09 09 09 09 09
Source: Broker Metric® Detached Single Family Residential Months Supply of Inventory
Months Supply of Inventory – 1 Year (Monthly) June 2008 - June 2009 17 16 15 14 13
MSI Jun 2008 Jun 2009 Change %Change
12
9.8 6.7 -3.1 -31.8
11 10 9 8
-31.8%
7 6 5 4 3 2 1 0 Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Source: Broker Metric® Detached Single Family Residential
© COLDWELL BANKER LEGACY
# Properties For Sale Supply & Demand – 2 Years (Monthly) June 2007- June 2009 # Properties Sold 7000
For Sale Sold
6500 6000
For Sale Jun 2007 Jun 2009 Change Change
5500 5000 4500
5,495 5,421 -74% -1.4%
For Sale
-1.4
4000 3500
Sold Jun 2007 Jun 2009 Change % Change
3000 2500 2000 1500
1011 659 -352 -34.8%
Sold
-34.8%
1000 500 0 Jun07
Jul07
Aug07
Sep07
Oct07
Nov07
Dec07
Jan08
Feb08
Mar08
Apr08
May08
Jun08
Jul08
Aug08
Sep08
Oct08
Nov08
Dec08
Jan09
Feb09
Mar09
Apr09
May09
Jun09
Source: Broker Metric® Detached Single Family Residential # Properties For Sale
7000
Supply & Demand – 1 Year (Monthly) June 2008 - June 2009 # Properties Sold
6500
For Sale Sold
6000
For Sale Jun 2008 Jun 2009 Change Change
5500 5000 4500
6,356 5,421 -935 -17.2%
For Sale
4000
-17.2%
3500
Sold Jun 2008 Jun 2009 Change %Change
3000 2500 2000 1500
738 659 -79 -12%
Sold
-12.0%
1000 500 0
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Source: Broker Metric® Detached Single Family Residential
© COLDWELL BANKER LEGACY
Avg Price
Average Home Sales Price Through Mid-Year 2009
$250,000
Annual Average Home Sales Price 1985 through Mid-Year 2009
$225,000
$200,000
$175,000
$150,000
$125,000
$100,000
$75,000 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 mid2009
Source: Greater Albuquerque Association of Realtors® – Detached Single Family Residential
City of Albuquerque - www.cabq.gov Page 1 The City of Albuquerque was incorporated in 1891, and serves as the population and commercial center of the metropolitan area. The City of Albuquerque is located in Bernalillo County. Over 550,000 residents occupy the city and work at a diverse mix of public and private institutions. Albuquerque was ranked the most creative mid-size city in the US by Dr. Richard Florida, author of The Creative Class, and in 2005 was named the 5th Best City in the Nation for Doing Business by Forbes Magazine. City of Rio Rancho - www.rredc.org Rio Rancho is a dynamic, fast-growing city located just minutes north of Albuquerque in Sandoval County. The “City of Vision” encompasses 73 square miles and bustles with over 50,000 residents. Rio Rancho has a well-developed plan to meet the rapidly expanding commercial and residential development in the area. City of Belen - www.belenedc.org The City of Belen (pop. 7,000) is located in rapidly growing Valencia County, whose population is approximately 60,000. This city is home to major manufacturing companies such as Solo Cup, Avonite, and Sud-Chemie, as well as a host of smaller companies. Village of Los Lunas - www. loslunasnm.gov Just north of Belen is Los Lunas, the county seat for Valencia County. Los Lunas is only twenty minutes south of the Albuquerque International Sunport. Los Lunas is a unique, growing area of the Albuquerque metro, with direct access to I-25 and a supportive community for economic development prospects. A major Wal-Mart distribution center recently located in Los Morros Industrial Park, and a rapidly expanding housing market in the area will support additional employers. Village of Los Ranchos de Albuquerque - www.villr.com The Village of Los Ranchos de Albuquerque (pop. 5,000) is located in the heart of the North Valley region of Bernalillo County, just seven miles from downtown Albuquerque. With the Rio Grande River to the West and the Sandia Mountains to the East, the area offers rural quiet living with an abundance of wildlife and great vistas. Estancia Valley - www.evedanm.com Located in central New Mexico, the Estancia Valley spans Torrance and Southern Santa Fe Counties, and is home to several incorporated communities, including Edgewood, Estancia, Moriarty, and Mountainair, New Mexico. The valley’s close proximity to the state’s largest and fastest-growing metropolitan area - just minutes away along Interstate Highway 40 - combined with an excellent highway system, attractive tax rates, widespread broadband internet access, and a wide variety of settings, make the valley a prime location for enterprises of all kinds.
© COLDWELL BANKER LEGACY
Mid-Year 2009 Sales Average and Median Prices by Area – Detached Single Family Homes
Corrales Sales: 25 Avg: $479,352 Med: $430,000
Paradise W Sales: 193 Avg: $186,509 Med: $179,900
Far N Valley Sales: 6 Avg: $353,000 Med: $290,000
Paradise E Sales: 148 Avg: $220,202 Med: $201,500
W River Valley Sales: 4 Avg: $488,750 Med: $358,000
ABQ Acres W Sales: 73 Avg: $300,294 Med: $271,000
North Valley Sales: 58 Avg: $316,586 Med: $255,600
Northwest Hts. Sales: 159 Avg: $222,461 Med: $193,000
Near N Valley Sales: 58 Avg: $263,720 Med: $189,125
Ladera Hts. Sales: 162 Avg: $157,492 Med: $153,500
Downtown Sales: 44 Avg: $185,915 Med: $169,500
Near S Valley Sales: 46 Avg: $119,575 Med: $110,000
SW Heights Sales: 240 Avg: $128,320 Med: $127,250
Pajarito Sales: 3 Avg: $102,000 Med: $103,000
Academy W Sales: 51 Avg: $212,971 Med: $199,999
Uptown Sales: 99 Avg: $167,518 Med: $162,000 UNM Sales: 71 Avg: $255,417 Med: $245,000
N ABQ Acres Sales: 34 Avg: $606,302 Med: $569,400
Far NE Hts Sales: 143 Avg: $293.686 Med: $250,000
NE Heights Sales: 237 Avg: $168,822 Med: $172,000
Sandia Hts. Sales: 22 Avg: $431,082 Med: $380,500
Foothills N Sales: 35 Avg: $498,663 Med: $469,000
Foothills S Sales: 43 Avg: $275,243 Med: $254,900
Fairgrounds Sales: 37 Avg: $144,026 Med: $140,000
UNM South Sales: 59 Avg: $210,656 Med: $194,900
Southeast Hts. Sales: 62 Avg: $183,454 Med: $181,000 Four Hills Sales: 26 Avg: $335,975 Med: $322,500
Valley Farms Sales: 20 Avg: $134,700 Med: $115,750 Canoncito Sales: 0 Avg: $0 Med: $0
Source: Greater Albuquerque Association of Realtors® Detached Single Family Residential © COLDWELL BANKER LEGACY
Mid-Year 2009 Sales Average and Median Prices by Area – Detached Single Family Homes
Rio Rancho N Sales: 77 Avg: $224,871 Med: $195,000
Rio Rancho NW Sales: 1 Avg: $177,900 Med: $177,900
RR Central Sales: 89 Avg: $154,446 Med: $146,800
RR Mid-West Sales: 6 Avg: $131,983 Med: $124,450
Rio Rancho SW Sales: 2 Avg: $139,700 Med: $139,700
RR Mid -North Sales: 84 Avg: $262,355 Med: $244,595
Placitas Sales: 23 Avg: $459,816 Med: $405,000
Bernalillo Sales: 19 Avg: $239,904 Med: $210,900
Rio Rancho Mid Sales: 164 Avg: $184,021 Med: $160,000
Rio Rancho S Sales: 84 Avg: $222,785 Med: $208,500
Coldwell Banker Legacy’s Rio Rancho Office - 500 Unser Blvd. SE - 892-1000
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Mid-Year 2009 Sales Average and Median Prices by Area – Detached Single Family Homes
Bosque/Peralta Sales: 13 Avg: $192,355 Med: $190,000 Los Lunas Sales: 35 Avg: $180,840 Med: $175,000
W Los Lunas Sales: 25 Avg: $162,457 Med: $160,000
Meadowlake Sales: 2 Avg: $149,000 Med: $149,000
E Los Lunas Sales: 18 Avg: $257,633 Med: $247,500
W Valencia Sales: 0 Avg: $0 Med: $0
Los Chavez Sales: 9 Avg: $174,267 Med: $152,900
Las Maravillas Sales: 34 Avg: $127,312 Med: $129,000
West Belen Sales: 0 Avg: $0 Med: $0
Belen Sales: 22 Avg: $102,391 Med: $86,000
Adelina Sales: 1 Avg: $125,000 Med: $125,000
Rio Communities Sales: 25 Avg: $136,256 Med: $139,000
Jarales Sales: 2 Avg: $182,500 Med: $182,500
Source: Greater Albuquerque Association of Realtors® Detached Single Family Residential © COLDWELL BANKER LEGACY
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Mid-Year 2009 Sales Average and Median Prices by Area – Detached Single Family Homes
North of I-40 Sales: 23 Avg: $344,513 Med: $290,000
Stanley Sales: 0 Avg: $0 Med: $0
NW Edgewood Sales: 20 Avg: $269,860 Med: $240,000 NE Edgewood Sales: 16 Avg: $195,465 Med: $209,250
Zuzax/Tijeras Sales: 24 Avg: $327,892 Med: $272,500
Carnuel Sales: 2 Avg: $206,500 Med: $206,500
South of I-40 Sales: 11 Avg: $223,773 Med: $215,000
South 217 Sales: 13 Avg: $177,749 Med: $193,000
SE Edgewood Sales: 6 Avg: $159,150 Med: $165,000
N Moriarty Sales: 1 Avg: $107,000 Med: $107,000
S Moriarty Sales: 1 Avg: $125,000 Med: $125,000
Estancia Sales: 3 Avg: $113,200 Med: $132,600
Manzano Mtn Sales: N/A Avg: $ N/A Med: $ N/A
Mountainair Sales: 3 Avg: $122,000 Med: $141,000
Source: Greater Albuquerque Association of Realtors® Detached Single Family Residential © COLDWELL BANKER LEGACY
11