1st quarter sales activity for Greater Albuquerque saw the Average Sale Price for single-family homes climb 7.8 percent from the prior year to $266,694. Condo/Townhome sales prices also fared well with a 15.1 percent increase in the Average Sale Price to finish the quarter at $180,799.    

Detached home sales totaled 2,584 units, a 5.0 percent increase when compared to 1st quarter 2019. The Median Sale Price for detached homes increased to $230,000, an 11.9 percent increase from 2019. The Average Days on Market until a home closed was 42 days, spending 17.7 percent less time on the market than 1st quarter 2019. New listing activity showed a 0.5 percent reduction from the prior year with 3,795 homes entering the market for sale.

Condo/Townhome sales totaled 304 units, an increase of 23.1 percent when compared to the 1st quarter 2019. The Median Sale Price for townhomes and condos saw an increase of 14.2 percent to $171,250. Townhomes and condos for the Greater Albuquerque area sold on average in 31 days, 38.0 percent faster than this time last year.

The GAAR quarterly reports also provide an opportunity to look at the sales activity in individual areas and cities within the Greater Albuquerque market. Average and Median Sale Prices in the areas served by the Greater Albuquerque Association of REALTORS® all experienced gains when compared to the 1st quarter 2019. The City of Albuquerque showed an Average Sale Price for single-family homes of $268,983, with the City of Rio Rancho average price at $242,237. Single-family homes selling in the East Mountains had an Average sale price of $304,006. Valencia County showed a gain in average sale prices of 7.81 percent to $200,778.

“1st Quarter 2020 started the year with great momentum in outpacing sales prices and homes sold during the same time last year,” said Sherry Fowler, 2020 President of the Greater Albuquerque Association of REALTORS®. “Around mid-March is when our local REALTORS® and their clients began to feel the impact of COVID-19 in the economy, businesses, and schools. However, there remains plenty of opportunities to buy and sell property in the Greater Albuquerque areas, and our REALTORS® and their clients are making the necessary adjustments in how homes are viewed and transactions conducted by making exceptional use of video and virtual showing technologies,” she added.

To see the full report for the 1st Quarter 2020 market statistics, go to GAAR.com and click on Market Statistics.