Albuquerque, NM (May 11, 2020) – The greater Albuquerque housing market showed reductions in New Listings, Pending and Closed Sales for the month of April, with home prices for single-family detached homes continuing to gain modest increases. Housing inventory, already at historically low levels at the beginning of the year, was below 1,600 units for April 2020, which contributed to multiple-offer scenarios for many local REALTORS® and their clients.

Closed Sales for single-family detached homes, which includes a mixture of both resale and new construction, were at 952 units for April 2020, a 16.4 percent decrease from the previous year. New Listings coming on the market for April saw a reduction of 29.5 percent from the previous year to 1,146 units. Pending Sales, or homes going under contract, were down 11.4 percent from April 2019 to 1,101 units.

Inventory of homes for sale saw a decrease of 36.0 percent from April 2019, bringing inventory levels to 1,575 units and representing a 1.5-month supply of homes. Detached homes sold on average in 32 days, 23.8 percent faster than this time last year. The Average Sale Price for April 2020 was at $270,245, a gain of 4.1 percent from the prior year. The Median Sale Price was at $235,000, increasing 8.3 percent from April 2019.

Condos and townhomes, or attached units, saw a 7.7 percent decrease in sales from April 2019, with 96 sales recorded for the month. New Listing activity in April showed a 25.0 percent reduction from the prior year with 123 condos/townhomes added to market inventory. Overall Inventory of attached homes for sale was at 162 units, a 33.9 percent reduction from April 2019.

Attached homes sold on average in 36 days and are selling 5.3 percent faster when compared to the same time last year. For attached homes, the Median Sales Price decreased 8.1 percent to $163,750, with the Average Sales Price of $174,195 dropping 8.7 percent from April 2019.

“In our first full month of stay-at-home restrictions we can see the impact on New Listings and Pending sales in the greater Albuquerque market,” said Sherry Fowler, 2020 President of the Greater Albuquerque Association of REALTORS®. She added, “Low housing inventory and low interest rates continue to fuel buyer demand, and modest gains in the Average and Median home prices show there is stability in the market.”

To see the full report for the April 2020 market statistics, go to gaar.com/market-statistics.