Albuquerque, NM (July 25, 2023) – Home sales activity for detached homes in the Greater Albuquerque housing market in the second quarter 2023 shows 2,394 sales representing a 23.3 percent decrease when compared to second quarter 2022.
The Median Sales Price for detached homes increased to $351,000, a 3.24 percent increase from 2022. The Average Sales Price also rose 3.63 percent to $406,048. The Average Days on Market until a home sold was 25 days, spending 108.3 percent more time on the market than first quarter 2022. New Listing activity showed a 23.59 percent decrease from the prior year with 3,135 homes entering the market during the quarter.
Townhome and condo sales totaled 241 units, a decrease of 25.62 percent when compared to the 2nd quarter 2022. The Median Sales Price for townhomes and condos saw an increase of 9.17 percent increase to $262,000, while the Average Sales Price increased 7.86 percent to $266,848. Townhomes and condos for the Greater Albuquerque area sold on average in 15 days, 150 percent slower than the previous year.
The GAAR quarterly reports also give an opportunity to look at the sales activity in individual areas and cities within the Greater Albuquerque market. The City of Albuquerque showed an Average Sales Price of $408,260, an increase of 3.71 percent from the same time last year. The City of Rio Rancho ended second quarter with an Average Sales Price of $396,597, a 8.57 percent increase. The East Mountains and Estancia Basin had an Average Sales Price of $475,990, a 15.59 percent increase, and Valencia County decreased 1.26 percent to $309,414.
“As we analyze the local housing market, we’re delighted to see positive growth in key regions. Notably, Rio Rancho experienced an impressive 8.57 percent increase in Average Sales Price, while the East Mountain areas witnessed a remarkable 15.59 percent surge,” said Carrie Traub, 2023 President of the Greater Albuquerque Association of Realtors®. “While homes may spend more time on the market compared to 2022, this allows buyers and sellers additional time for careful consideration and thorough decision-making.”