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METRO ALBUQUERQUE

Residential Real Estate Report

MID -YEAR 2009

Š COLDWELL BANKER LEGACY

Me t ro A l b u q u e rq u e Albuquerque Rio Rancho Corrales Placitas Bernalillo Tijeras

Cedar Crest Edgewood Moriarty Bosque Farms Los Lunas Belen

10400 Academy Rd. NE Albuquerque, NM 87111 (505) 293-3700

10300 Cottonwood Park NW Albuquerque, NM 87114 (505) 898-2700

1775 Main St . NE Los Lunas, NM 87031 (505) 865-5500

6767 Academy Rd. NE Albuquerque, NM 87109 (505) 828-1000

12042 North Highway 14 Cedar Crest, NM 87008 (505) 821-0000

500 Unser Blvd. SE Rio Rancho, NM 87124 (505) 892-1000

8200 Carmel Ave., Suite 103 Albuquerque, NM 87122 (505) 292-8900

617 West Santa Fe Ave. Grants, NM 87020 (505) 876-2222

ColdwellBankerLegacy.com

REV. 07-10-2009


Recession Easier To Bear Here

All 100 metro areas are feeling the effects of the downturn, but not equally. In March, for instance, the unemployment rate ranged from 5.1 percent in Provo, Utah, to 17.5 percent in Modesto, Calif. From the beginning of 2008 to the beginning of this year, home prices fell by more than 30 percent in Stockton, Calif., but rose by 4.7 percent in Houston, the report says.

By Michael Hartranft Journal Staff Writer – AED

In Albuquerque, employment fell 1.6 percent from a peak level in the fourth quarter of 2007, compared with the 2.7 percent average decline from peak levels for all 100 metro areas. The unemployment rate for the first quarter of 2009 was 6.3 percent, below the 100 metro-area average of 8.8 percent and U.S. average of 9 percent.

Albuquerque is weathering the nation’s economic downturn better than 85 percent of the nation’s 100 largest metropolitan areas, a new economic report says. The Duke City is ranked 15th among metro areas with populations of 500,000 or more for strongest economic performance during the recession, according to the Washington, D.C-based Brooking Institution’s MetroMonitor.

The Albuquerque area’s decline in gross metropolitan product of 1.6 percent was half of the national average, while its 2.1 percent decline in housing prices was much better than the 100 metro-area average of 6.9 percent.

Topping the list is San Antonio, Texas. At the other end is Detroit. “In a lot of ways, Albuquerque is experiencing the recession, but to a much more modest degree than the rest of the nation,” Alan Berube, who co-wrote the report, said in a phone interview Tuesday.

Mayor Martin Chavez said he was pleased with the report, coming on the heels of Albuquerque being ranked No. 2 on Kiplinger’s Personal Finance’s 10 Best Cities of 2009.

The Brooking report, the first in a series on how metro areas have been faring the past 15 months or so, ranks overall economic performance based on employment, unemployment rates, housing prices and gross metropolitan product - total value of goods and services produced in the given metro area.

“One of the things we’ve done successfully over the last 15 years is diversify our economy, from the Sandia Science and Technology Park, to UNM’s technology park, to everything going on at Mesa del Sol with the solar companies and exploding film industry,” he said. “These have all helped us weather the storm better than most communities.”

Average Annual Sale Price - 2004 through Mid-Year 2009 AREA

2004

2005

2006

2007

2008

Mid-Year 2009

Albuquerque

170,424

$206,640

$229,905

$247,136

$233,490

216,404

Corrales

423,120

$460,543

$504,745

$509,642

$546,388

479,352

Rio Rancho

133,808

$172,307

$204,680

$210,545

$200,915

204,038

Bernalillo/Algodones

198,660

$244,386

$299,703

$286,175

$295,392

239,904

Placitas

338,866

$438,412

$522,433

$510,843

$477,840

459,816

East Mountains

189,216

$233,560

$254,003

$266,692

$267,479

256,257

Valencia County

129,800

$154,880

$174,988

$184,671

$176,630

160,607

Metro Area Average

168,745

$205,805

$228,616

$243,089

$232,626

216,628

Source: Greater Albuquerque Association of Realtors® – Detached Single Family Residential

Appreciation and Depreciation by Area - 2005 through Mid-Year 2009 2005 APPREC

2006 APPREC

2007 DEP/APPREC

2008 DEP/APPREC

Albuquerque

+21.3%

+11.3%

+7.5%

- 5.5%

-7.3

Corrales

+8.8%

+9.6%

+1.0%

+7.2%

-12.3

Rio Rancho

+28.8%

+18.8%

+2.9%

- 4.6%

+1.6

Bernalillo/Algodones

+23.0%

+22.6%

- 4.5%

+3.2%

-18.8

Placitas

+29.4%

+19.2%

- 2.2%

- 6.5%

-3.8

East Mountains

+23.4%

+8.8%

+5.0%

+0.3%

-4.2

Valencia County

+19.3%

+13.0%

+5.5%

- 4.4%

-9.1

Metro Area Average

+22.0%

+11.1%

+6.3%

- 4.3%

-6.9

AREA

MID-YEAR 2009 DEP/APPREC

Based on Published Report from Greater Albuquerque Association of Realtors®– Detached Single Family Residential

© COLDWELL BANKER LEGACY




Berube said the recession’s moderate impact on Albuquerque might be due in part to the fact its economy is not as dependent on the housing market as it is in other areas. He also said home prices - like those in parts of the South, Texas and Arkansas, which are also experiencing less severe effects of the recession - did not spike the way they did in other parts of the Mountain West or interior parts of California. “The other thing I point to is the role of government employment at the state level and federal jobs in the region - the labs and the military. It shares that in common with areas like San Antonio and Virginia Beach,” he said. “That characteristic seems to be associated with performance.” The only metro area that showed growth in both employment and output during the first quarter was McAllen, Texas. No metro area has managed to return to its pre-recession level of employment or output, the report says.

MONTHS SUPPLY OF INVENTORY - SINGLE FAMILY PRICE RANGE

2007

2008

MID-2009

$150,000-$250,000

7.0

8.7

7.7

$250,000-$400,000

9.9

13.7

12.6

$400,000-$500,000

13.5

21.3

17.7

$500,000-$750,000

16.1

26.5

30.4

$750,000-$1,000,000

25.0

60.2

72.0

$1,000,000-$3,000,000

47.4

53.4

105.6

All Price Ranges

7.9

10.7

9.6

Source: Greater Albuquerque Association of Realtors® – Detached Single Family Residential

Here’s a look at the 20 strongest performing metro areas: 1. San Antonio, TX 2. Oklahoma City, OK 3. Austin. TX 4. Houston. TX 5. Dallas, TX 6. McAllen, TX 7. Little Rock, AR 8. Baton Rouge, LA 9. Tulsa, OK 10. Omaha, Neb./Iowa 11. El Paso 12. Wichita, Kan. 13. Washington, D.C. 14. Des Moines, Iowa 15. Albuquerque 16. Virginia Beach, Va.-N.C. 17. Harrisburg, Pa. 18. Pittsburgh, Pa. 19. New Haven, Conn. 20. Rochester, N.Y.

DAYS ON THE MARKET - SINGLE FAMILY PRICE RANGE

2007

2008

MID-2009

$150,000-$249,999

44

71

83

$250,000-$399,999

49

13.7

99

$400,000-$499,999

54

21.3

102

Source: Broker Metric® – Detached Single Family Residential

LUXURY HOME SALES - SINGLE FAMILY SALES PRICE

2007

2008

MID-2009

$500,000-$750,000

412

244

86

$750,000-$1,000,000

117

76

20

$1,000,000-$3,000,000

42

36

6

Source: Greater Albuquerque Association of Realtors® – Detached Single Family Residential

Unit Sales - Detached Single Residences AREA Albuquerque Corrales Rio Rancho

2007 SALES

2008 SALES

MID-YEAR 2009 SALES

6,976

5,207

2,118

83

69

25

1,573

1,144

505

Bernalillo/Algodones

60

45

19

Placitas

92

78

23

East Mountain

449

342

123

Valencia County

633

424

186

9,866

7,309

3,003

Metropolitan Area

Source: Greater Albuquerque Association of Realtors® – Detached Single Family Residential

© COLDWELL BANKER LEGACY




Sold Average $

Thousands

Average Sold vs Median Median $ Price – 2 Years (Monthly) June 1, 2007 - June 30, 2009 265 260 255

Average Price Median Price

250 245 240 235

Average Price Jun 2007 $254,298 Jun 2009 $221,566 Price Chg -$32,732 % Change -12.9%

230 Average

225

-12.9%

220 215 210

Median Price Jun 2007 $201,500 Jun 2009 $185,000 Price Chg -$16,500 % Change -8.2%

205 200 195 190 185 180

Median

175

-8.2%

170 165 160 Jun07

Jul07

Aug- Sep07 07

Oct07

Nov07

Dec07

Jan08

Feb08

Mar08

Apr08

May- Jun08 08

Jul08

Aug- Sep08 08

Oct08

Nov- Dec08 08

Jan09

Feb09

Mar09

Apr09

May09

Jun09

Source: Greater Albuquerque Association of Realtors® Detached Single Family Residential Sold Average $

Thousands

Sold Median $ Average vs Median Price – 1 Year (Monthly) June 1, 2008 - June 30, 2009 255 250 245

Average Price Median Price

240 235 230 225

Average Price Jun 2008 $248,375 Jun 2009 $221,566 Price Chg -$26,809 % Change -12.1%

220 Average

215

-12.1%

210 205 200

Median Price Jun 2008 $203,500 Jun 2009 $185,000 Price Chg -$18,500 % Change -10%

195 190 185 180

Median

175

-10%

170 165 160 155 150 Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Source: Greater Albuquerque Association of Realtors® Detached Single Family Residential

© COLDWELL BANKER LEGACY




Months Supply of Inventory

Months Supply of Inventory – 2 Years (Monthly) June 1, 2007 - June 30, 2009

17 16 15 14 13 12 MSI Jun 2007 Jun 2009 Change % Change

11 6.3 6.7 0.4 5.4

10 9 8 7

5.4%

6 5 4 3 2 1 0

Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun07 07 07 07 07 07 07 08 08 08 08 08 08 08 08 08 08 08 08 09 09 09 09 09 09

Source: Broker Metric® Detached Single Family Residential Months Supply of Inventory

Months Supply of Inventory – 1 Year (Monthly) June 2008 - June 2009 17 16 15 14 13

MSI Jun 2008 Jun 2009 Change %Change

12

9.8 6.7 -3.1 -31.8

11 10 9 8

-31.8%

7 6 5 4 3 2 1 0 Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Source: Broker Metric® Detached Single Family Residential

© COLDWELL BANKER LEGACY




# Properties For Sale Supply & Demand – 2 Years (Monthly) June 2007- June 2009 # Properties Sold 7000

For Sale Sold

6500 6000

For Sale Jun 2007 Jun 2009 Change Change

5500 5000 4500

5,495 5,421 -74% -1.4%

For Sale

-1.4

4000 3500

Sold Jun 2007 Jun 2009 Change % Change

3000 2500 2000 1500

1011 659 -352 -34.8%

Sold

-34.8%

1000 500 0 Jun07

Jul07

Aug07

Sep07

Oct07

Nov07

Dec07

Jan08

Feb08

Mar08

Apr08

May08

Jun08

Jul08

Aug08

Sep08

Oct08

Nov08

Dec08

Jan09

Feb09

Mar09

Apr09

May09

Jun09

Source: Broker Metric® Detached Single Family Residential # Properties For Sale

7000

Supply & Demand – 1 Year (Monthly) June 2008 - June 2009 # Properties Sold

6500

For Sale Sold

6000

For Sale Jun 2008 Jun 2009 Change Change

5500 5000 4500

6,356 5,421 -935 -17.2%

For Sale

4000

-17.2%

3500

Sold Jun 2008 Jun 2009 Change %Change

3000 2500 2000 1500

738 659 -79 -12%

Sold

-12.0%

1000 500 0

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Source: Broker Metric® Detached Single Family Residential

© COLDWELL BANKER LEGACY




Avg Price

Average Home Sales Price Through Mid-Year 2009

$250,000

Annual Average Home Sales Price 1985 through Mid-Year 2009

$225,000

$200,000

$175,000

$150,000

$125,000

$100,000

$75,000 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 mid2009

Source: Greater Albuquerque Association of Realtors® – Detached Single Family Residential

City of Albuquerque - www.cabq.gov Page 1 The City of Albuquerque was incorporated in 1891, and serves as the population and commercial center of the metropolitan area. The City of Albuquerque is located in Bernalillo County. Over 550,000 residents occupy the city and work at a diverse mix of public and private institutions. Albuquerque was ranked the most creative mid-size city in the US by Dr. Richard Florida, author of The Creative Class, and in 2005 was named the 5th Best City in the Nation for Doing Business by Forbes Magazine. City of Rio Rancho - www.rredc.org Rio Rancho is a dynamic, fast-growing city located just minutes north of Albuquerque in Sandoval County. The “City of Vision” encompasses 73 square miles and bustles with over 50,000 residents. Rio Rancho has a well-developed plan to meet the rapidly expanding commercial and residential development in the area. City of Belen - www.belenedc.org The City of Belen (pop. 7,000) is located in rapidly growing Valencia County, whose population is approximately 60,000. This city is home to major manufacturing companies such as Solo Cup, Avonite, and Sud-Chemie, as well as a host of smaller companies. Village of Los Lunas - www. loslunasnm.gov Just north of Belen is Los Lunas, the county seat for Valencia County. Los Lunas is only twenty minutes south of the Albuquerque International Sunport. Los Lunas is a unique, growing area of the Albuquerque metro, with direct access to I-25 and a supportive community for economic development prospects. A major Wal-Mart distribution center recently located in Los Morros Industrial Park, and a rapidly expanding housing market in the area will support additional employers. Village of Los Ranchos de Albuquerque - www.villr.com The Village of Los Ranchos de Albuquerque (pop. 5,000) is located in the heart of the North Valley region of Bernalillo County, just seven miles from downtown Albuquerque. With the Rio Grande River to the West and the Sandia Mountains to the East, the area offers rural quiet living with an abundance of wildlife and great vistas. Estancia Valley - www.evedanm.com Located in central New Mexico, the Estancia Valley spans Torrance and Southern Santa Fe Counties, and is home to several incorporated communities, including Edgewood, Estancia, Moriarty, and Mountainair, New Mexico. The valley’s close proximity to the state’s largest and fastest-growing metropolitan area - just minutes away along Interstate Highway 40 - combined with an excellent highway system, attractive tax rates, widespread broadband internet access, and a wide variety of settings, make the valley a prime location for enterprises of all kinds.

© COLDWELL BANKER LEGACY




Mid-Year 2009 Sales Average and Median Prices by Area – Detached Single Family Homes

Corrales Sales: 25 Avg: $479,352 Med: $430,000

Paradise W Sales: 193 Avg: $186,509 Med: $179,900

Far N Valley Sales: 6 Avg: $353,000 Med: $290,000

Paradise E Sales: 148 Avg: $220,202 Med: $201,500

W River Valley Sales: 4 Avg: $488,750 Med: $358,000

ABQ Acres W Sales: 73 Avg: $300,294 Med: $271,000

North Valley Sales: 58 Avg: $316,586 Med: $255,600

Northwest Hts. Sales: 159 Avg: $222,461 Med: $193,000

Near N Valley Sales: 58 Avg: $263,720 Med: $189,125

Ladera Hts. Sales: 162 Avg: $157,492 Med: $153,500

Downtown Sales: 44 Avg: $185,915 Med: $169,500

Near S Valley Sales: 46 Avg: $119,575 Med: $110,000

SW Heights Sales: 240 Avg: $128,320 Med: $127,250

Pajarito Sales: 3 Avg: $102,000 Med: $103,000

Academy W Sales: 51 Avg: $212,971 Med: $199,999

Uptown Sales: 99 Avg: $167,518 Med: $162,000 UNM Sales: 71 Avg: $255,417 Med: $245,000

N ABQ Acres Sales: 34 Avg: $606,302 Med: $569,400

Far NE Hts Sales: 143 Avg: $293.686 Med: $250,000

NE Heights Sales: 237 Avg: $168,822 Med: $172,000

Sandia Hts. Sales: 22 Avg: $431,082 Med: $380,500

Foothills N Sales: 35 Avg: $498,663 Med: $469,000

Foothills S Sales: 43 Avg: $275,243 Med: $254,900

Fairgrounds Sales: 37 Avg: $144,026 Med: $140,000

UNM South Sales: 59 Avg: $210,656 Med: $194,900

Southeast Hts. Sales: 62 Avg: $183,454 Med: $181,000 Four Hills Sales: 26 Avg: $335,975 Med: $322,500

Valley Farms Sales: 20 Avg: $134,700 Med: $115,750 Canoncito Sales: 0 Avg: $0 Med: $0

Source: Greater Albuquerque Association of Realtors® Detached Single Family Residential © COLDWELL BANKER LEGACY




Mid-Year 2009 Sales Average and Median Prices by Area – Detached Single Family Homes

Rio Rancho N Sales: 77 Avg: $224,871 Med: $195,000

Rio Rancho NW Sales: 1 Avg: $177,900 Med: $177,900

RR Central Sales: 89 Avg: $154,446 Med: $146,800

RR Mid-West Sales: 6 Avg: $131,983 Med: $124,450

Rio Rancho SW Sales: 2 Avg: $139,700 Med: $139,700

RR Mid -North Sales: 84 Avg: $262,355 Med: $244,595

Placitas Sales: 23 Avg: $459,816 Med: $405,000

Bernalillo Sales: 19 Avg: $239,904 Med: $210,900

Rio Rancho Mid Sales: 164 Avg: $184,021 Med: $160,000

Rio Rancho S Sales: 84 Avg: $222,785 Med: $208,500

Coldwell Banker Legacy’s Rio Rancho Office - 500 Unser Blvd. SE - 892-1000

© COLDWELL BANKER LEGACY




Mid-Year 2009 Sales Average and Median Prices by Area – Detached Single Family Homes

Bosque/Peralta Sales: 13 Avg: $192,355 Med: $190,000 Los Lunas Sales: 35 Avg: $180,840 Med: $175,000

W Los Lunas Sales: 25 Avg: $162,457 Med: $160,000

Meadowlake Sales: 2 Avg: $149,000 Med: $149,000

E Los Lunas Sales: 18 Avg: $257,633 Med: $247,500

W Valencia Sales: 0 Avg: $0 Med: $0

Los Chavez Sales: 9 Avg: $174,267 Med: $152,900

Las Maravillas Sales: 34 Avg: $127,312 Med: $129,000

West Belen Sales: 0 Avg: $0 Med: $0

Belen Sales: 22 Avg: $102,391 Med: $86,000

Adelina Sales: 1 Avg: $125,000 Med: $125,000

Rio Communities Sales: 25 Avg: $136,256 Med: $139,000

Jarales Sales: 2 Avg: $182,500 Med: $182,500

Source: Greater Albuquerque Association of Realtors® Detached Single Family Residential © COLDWELL BANKER LEGACY

10


Mid-Year 2009 Sales Average and Median Prices by Area – Detached Single Family Homes

North of I-40 Sales: 23 Avg: $344,513 Med: $290,000

Stanley Sales: 0 Avg: $0 Med: $0

NW Edgewood Sales: 20 Avg: $269,860 Med: $240,000 NE Edgewood Sales: 16 Avg: $195,465 Med: $209,250

Zuzax/Tijeras Sales: 24 Avg: $327,892 Med: $272,500

Carnuel Sales: 2 Avg: $206,500 Med: $206,500

South of I-40 Sales: 11 Avg: $223,773 Med: $215,000

South 217 Sales: 13 Avg: $177,749 Med: $193,000

SE Edgewood Sales: 6 Avg: $159,150 Med: $165,000

N Moriarty Sales: 1 Avg: $107,000 Med: $107,000

S Moriarty Sales: 1 Avg: $125,000 Med: $125,000

Estancia Sales: 3 Avg: $113,200 Med: $132,600

Manzano Mtn Sales: N/A Avg: $ N/A Med: $ N/A

Mountainair Sales: 3 Avg: $122,000 Med: $141,000

Source: Greater Albuquerque Association of Realtors® Detached Single Family Residential © COLDWELL BANKER LEGACY

11


Mid Year Sales statistics for Albuquerque Real Estate