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Albuquerque Real Estate Market Update - March 2024 Insights

Tego Venturi of the Venturi Group provides an in-depth real estate market update for Albuquerque as of March 2024. Key points include a 15% increase in housing inventory from the previous year, with 1,223 homes on the market, but still significantly lower than pre-pandemic levels. Pending sales are 10% higher than last year, indicating strong market activity. The median home price has risen to $340,000, a 4.6% increase, with notable differences between new construction and resale homes. New construction prices have dropped by 12%, while resale home prices have increased by 8%. The price per square foot is up by 5% for both new constructions and resales, suggesting homes are getting smaller due to value engineering. Resale homes have a median days on market of just 8 days, demonstrating high demand. Venturi concludes the market dynamic is unique, with ongoing supply and demand imbalances.

00:00 Welcome to the April 2024 Real Estate Market Update!
00:43 Understanding the Current Housing Inventory
01:54 Analyzing Pending Sales and Market Activity
03:27 Supply and Demand: Month's Supply of Inventory Insights
04:32 Breaking Down the Numbers: Median Prices and Market Trends
05:42 The Impact of Shrinkflation on Real Estate
07:00 Days on Market: A Quick Look at Resale Properties
08:19 Wrapping Up: Albuquerque's Real Estate Market Dynamics

Venturi Realty Group - Real Broker LLC
(505) 448-8888
[email protected]
https://welcomehomeabq.com

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