By Chris Keller – Managing Editor, Albuquerque Business First, Aug 10, 2022
The median sales price for a detached home in the Albuquerque market increased 11.4% in July when compared to the previous year, according to data in the July market report released Wednesday from the Greater Albuquerque Association of Realtors.
The mark of $334,250 is the third-highest figure since the median sales price crossed the $300,000 threshold in the market for the first time in June of 2021. It's remained above that threshold for 11 of the last 14 months, according to the GAAR data.
Still, during that time, prices have shown signs of leveling off, said 2022 GAAR President Bridget Gilbert.
Gilbert, who is the qualifying broker of ERA Sellers & Buyers Real Estate, also pointed to the inventory of homes, which increased about 9.5% compared to last July. Overall, inventory increased for the fourth straight month since reaching a historic low of 523 homes in March.
Homes on the market continue to sell fast, according to the data, lasting an average of 12 days on the market.
Among other benchmarks contained in GAAR's July report on single-family home sales in the Albuquerque residential market:
- New listings in the Albuquerque residential market decreased 18.38% — to 1,292 listings — in July when compared to the previous year. This figure often follows seasonal patterns.
- Pending sales in the Albuquerque residential market decreased 14.38% — to 1,066 sales — in July when compared to the previous year. This figure often follows seasonal patterns.
- Closed sales in the Albuquerque residential market decreased 28.29% — to 948 sales — in July when compared to the previous year. This figure often follows seasonal patterns.
- The percent of list price received in the Albuquerque residential market decreased 0.88% — to 101% — in July when compared to the previous year. The percent of list price is calculated by dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month. The figure does not take into account seller concessions.
- The absorption rate in the Albuquerque residential market, essentially equal to the number of listings available to sell in a month, increased 18.18% — to 1.3 — in July when compared to the previous year. A relatively lower figure means homes are selling fast. A relatively higher figure means homes sell slower.
The July report comes after GAAR's second quarter summary which showed sales activity for detached homes in the Albuquerque housing market decreased 12.3% in the second quarter of 2022 when compared to the same period in 2021. Meanwhile, the overall median sales price for detached homes increased 17 % — to $340,000 — in the second quarter.
The data includes sales from Albuquerque, Rio Rancho, the East Mountains and Estancia basin and Valencia County.