Albuquerque, NM housing market

In Albuquerque right now, sellers are asking well above what homes are actually worth, and the market is making them wait for it. The median list price sits around three hundred ninety-six thousand dollars, but the typical home value is closer to three hundred fifty-eight thousand dollars. That gap of roughly thirty-eight thousand dollars tells you a lot about how this market is behaving. Buyers are not chasing asking prices, and sellers are adjusting slowly. Values are basically flat, up just 0.8 percent over the past year, so there is no rising tide rescuing an ambitious list price. Meanwhile about one thousand seventy homes are for sale, with roughly 706 new listings coming on, so buyers have options. The typical home takes about 55 days to sell, and nearly a quarter of listings have already taken a price cut. Put it together and the pattern is clear. Price at the market and you sell in reasonable time. Price above it and you sit, then cut.