The real estate market statewide has cooled, but remains active. In Santa Fe, the average sale price of a house is $360,000. This is consistent to a year ago, and prices have only increased by 2 or 3%. Houses are on the market for 60 to 90 days and are getting between 95 and 100% of the asking price. The market is even between buyers and sellers, but there is a limited supply of houses under $200,000.
In Albuquerque, the market is increasing. There are more buyers than sellers, but houses are on the market for 90 to 120 days. The average sale price is $175,000, which is an increase of 5% over a year ago. Sellers are getting close to 95% of the original asking price. The area continues to see job growth and an influx in people looking for affordable homes.