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Are we anywhere near the “bottom” in the local residential Real Estate market?

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Presentation on theme: "Are we anywhere near the “bottom” in the local residential Real Estate market?"— Presentation transcript:

1 Are we anywhere near the “bottom” in the local residential Real Estate market?

2 Remember the summer of 2005? 1. Supply was low, 2. Demand was high, 3. Credit was EASY

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4 Source: SalesTraq of New Mexico - ALBUQUERQUE 2007/2008 “Average” & “Median” New Home Base Price Comparisons (12 month comparison – Detached single family homes) $254,697 $233,990 $257,037 $229,675

5 Albuquerque New Home Permits * (Single Family Homes) according to the National Association of Home Builders Q1 (2007) = 1, % decrease Source: National Association of Home Builders - Q1 (2008) = 640

6 U.S. Census Data Average Price$Median Price$ (New Homes) 1966 = $23, = $21, = $48, = $44, = $111, = $92, = $166, = $140, = $305, = $246,500 Source: U.S. Census Bureau -

7 SalesTraq Data Average Price$Median Price$ (Albuquerque New Homes) 2007 = $251, = $225, = $440,594*2017 = $395,483* 2027 = $771,040*2027 = $692,095* 2037 = $1,349,320*2037 = $1,211,166* 2047 = $2,361,310*2047 = $2,119,541* * Based on a 75% increase over the course of each decade Source: SalesTraq of New Mexico -

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12 Albuquerque Economic Development SalesTraq’s Crystal Ball Seminar Gary Tonjes May 9, 2008

13 Southwest Location Distances to Major Cities Denver437 miles Phoenix458 miles Las Vegas586 miles Salt Lake City604 miles Dallas/Ft. Worth644 miles Los Angeles811 miles San Jose1,050 miles Airline Information 33 cities with non-stops daily 9 major airlines 6.5 million passengers 2 weather-impacted delays in 10 years Leading Carriers : Southwest, American, Delta, United, America West, Continental, Northwest, Express Jet

14 Population Growth Between 1990 and 2000, metro population increased 21.73% Between 1990 and 2008, ABQ metro area expanded by 40.3% vs 22.3% nationally, adding 241,321 residents The metro area’s population growth over a five year period ( ) is forecast at 9.1% vs the national average of 6.3% *Revised to include Torrance County. Source: Census and Claritas, Inc. County2000 Census Population*2008 Estimated Population Bernalillo (Albuquerque)556,678630,737 Sandoval (Rio Rancho) 89,908120,740 Torrance (Moriarty) 16,91117,720 Valencia (Belen, Los Lunas) 66,15271,540 MSA Population729,649840,737

15 Demographic Advantage The average age of an Albuquerque metro resident is 36.9 years vs the national average of 37.5 years Favorable ratio of residents in the 20- to 34-year-old demographic: 21.7% of our population is in this bracket, vs US avg. of 20.4% The Albuquerque metro’s 20- to 34-year-old population will expand by 10.3% over a five year period ( ), twice the national average of 5.1% Chart Source: Claritas, Inc estimates May not add to 100% due to rounding

16 #1 Fittest City in America Men’s Fitness, March 2007

17 #2 Arts Destination in America American Style Magazine, May 2007

18 3 rd Smartest Place to Live Based on livability and affordability, ‘Albuquerque offers resort-town ambience, a boomtown economy and cow-town prices.’ Kiplinger’s Personal Finance, May 2006

19 Albuquerque Traffic ABQ 17th among Cities with Shortest Commutes to Work, 2007 The average trip time to work is 24 minutes 68% of Albuquerque residents get to work in 30 minutes or less. Somewhere in CaliforniaAlbuquerque

20 Major Incentives Job Training Incentive Program (JTIP) High Wage Jobs Tax Credit Manufacturing Investment Tax Credit Technology Jobs Tax Credit Workforce Investment Act (WIA) On-the-job training (OJT) Customized training

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22 SALESTRAQ TM Of New Mexico More information at and


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