Albuquerque Luxury Homes Market Update

The Albuquerque Luxury home market is seeing unprecedented increases in sales.

In the past 3 months Pending sales stats are: At the $500,000 and above price range we are are seeing an increase of +65.8% vs 2019. In the $900,000 and above price range, there is an increase +181.3% vs 2019.

August Pending sales are seeing a marked increase as well, noting an increase +96% in the price rnage of $500.000 and above, and an increase of +129% $900,000 and above.

The reasons for this increase are various, but one thing I have noticed as a real estate professional in the Albuquerque market is that Albuquerque and New Mexico, in general, are starting to be discovered. It is being discovered for its moderate weather, diverse population, and for its amenities of outdoor activities. Fishing, hiking, running, golf just to name a few! Albuquerque’s weather allows for most sports to be enjoyed year-round. Mild summers, moderate winters (but just enough for the ski run!) allow for an easy lifestyle.

You can purchase a spacious home with great finishes and amenities in the area, and for $1,000,000 you can purchase in the high end of our market with views, pools, tennis courts and horse facilities.

With our current Stay At Home situation, consumers have started looking around at their own living arrangements and have realized they can work and live out of their residential space, and you can live and work anywhere, so buyers from out of town are coming here to enjoy the qualities that New Mexico has to offer.

Mortgage rates are also at an all time low, making it the perfect time to leverage the investment into a Luxury home and closing processes have become more streamlined.

As Kevin Hoover of Premier Nationwide Lending states:

After being offline for several months starting in March for most mortgage companies, jumbo loan programs have made a strong comeback, and rates are now comparable to conforming rates in some circumstances. “We lost the ability to sell Jumbo loan products (anything over $510,400 in NM) and the only ones doing them were the large banks like Chase & Wells Fargo. The problem was that closings were taking 90+ days to complete with these large banks.” Now that these programs are back for us, we can complete closing in this loan size in 40-45 days.

For more information regarding Luxury home loans or purchase your new Luxury home in Albuquerque, contact me today!