The luxury home market in Albuquerque has exploded from ten years ago when there were only a handful of million dollar properties! Currently we have 122 homes listed over the $995,000 mark in the Albuquerque and Rio Rancho areas. Price per square foot ranges from $129 to a high of $575, down overall from 2008 averages which were $175 to $665 per square foot. Currently we have 6 homes that have gone under contract buy not closed escrow, down from 9 in 2008. The low price per square foot in that category is $188 with a high of $332. Within the Albuquerque area in the last year 35 homes above one million were sold in 2008 and 16 sold within the last 365 days at the end of November 2009. At that current rate we have an absorption rate of 8.7 years or it will take that long to absorb the current inventory which is double from 2008 rate of 3.65. Undoubtably there are some bargins to be found!
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