Housing Market in ABQ (Albuquerque, House: house prices, neighborhood, buyers)

[crna06]

I was wondering what your opinions were on the current housing market in ABQ. When I sold my house there 6 years ago, it was a buyers market with a glut of houses on the market. It was tough to sell without losing money for many people and I felt lucky to walk away making even just a little.
Since that time, I have seen housing prices increase significantly in the ABQ metro area.
My question is, is it still a buyers market in ABQ? Is the market staying strong as the past few years or is it typical of most of the country with falling home values.
This could work both ways for me. I am going to have a very difficult time selling my house here in NJ without losing my shirt. However, I am hoping that once I sell here, I can find a good deal in ABQ if the housing market is still soft and it remains a buyers market there. A good deal in ABQ could soften the blow of selling here on the east coast.
Any thoughts?

[abqsunport]

Albuquerque considered largely a buyers makert at the moment. That being said, House Prices are still significantly higher than they were 5 years ago.

[kensgirl]

Housing prices are higher than 5-6 years ago, but I have seen a drop in prices in the last year in some areas. Probably the one area that seems not to have had as much of a drop is the NE Heights. As most posters (and even you said), it's the area to be in. There are about 6,000 listings in MLS, so there are a number of properties on the market - great for buyers as far as availability. Plus, spring is just around the corner and a lot of sellers do wait to list in the spring. I'd say based on where you're coming from, you'll still find ABQ affordable.

[NadiaP]

Definately a buyers market...we've had a hoouse listed since Nov with virtually no interest. Realtor says houses are now 9-10 months on average on the market.

[NadiaP]

Forgot to mention...mom has a house in Taylor Ranch and when she got home from work yesterday she had a flyer in her door from someone in the neighborhood selling their home. It offered $1000 upon closing to anyone who sent a buyer their way. people are desperate and getting creative.

[Merlander]

The market slowed down some in mid-late 2007. It's a buyers market at the moment, but not nearly as bad as some other areas in the country. I think they're calling for improvement in this market in the 3rd or 4th quarter of '08.

[Lzipperer]

I wonder if the housing market in ABQ has adopted the "house trading" phenom yet? We are looking to relocate from the chicago area to ABQ and are looking for local vehicles to connect with folks. If there is interest, I can start a separate thread here.