The prices in real estate in Gallup, in the New Mexico region have had a minor fall in the last couple of months. The real estate prices for second hand homes have fallen in this city
The price per sq.feet in Gallup has fallen in the last 6 months. In March, the average price per sq.feet was $88. In the following month the price per sq.feet decreased to $79. In the following two months the price per sq.feet has increased 108 %, going from $83.5 to $90.5 per sq.feet. The price per sq.feet has decreased 85 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $87 to $74 during July, and August.
Based upon to the price in Gallup (cities), these have remained the same in the last 6 months. The average price for March is $157,015. During April the price had a considerable reduction till $130,133. During the following two months (May, June) the average price had a considerable increase of 153 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from $181,554.5 to $115,309.5, which means a 64 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $127,563 they are 38 % more affordable than the average price for Gallup. The properties with the highest average price have 2 bedrooms, Their price is 20 % more costly than the average. After that we have properties with 1 bedroom priced at $78,875.
With regard to the average price per sq.feet , those properties with 1 bedroom are the cheapest ones at a cost of $63 / sq.feet, with an average $81 / sq.feet price in Gallup. The properties with the lowest average prices have 2 bedrooms. They are 12 % cheaper than the average followed by properties with 1 bedroom with a price at $63 / sq.feet.
With regard to the average price based upon the property in Gallup we can see that most expensive property type is "House" at a price of $152,732, they are 20 % more costly than the average price of (!PRECIO2!). "House" has the highest price. This price is 20 % more expensive than the average price aforementioned.
According to the average area cost by sq.feet the cheapest property type is "House with an average price of $71 / sq.feet. "House" with an average cost of $71 / sq.feet has the lowest price and would be directed at less affluent cities.