The Greater Albuquerque market finished the month of March 2020 with 989 reported sales, a gain of 0.7 percent from the prior year. Home prices finished the month with strong gains in Median and Average Sale prices, with prices for single-family homes up more than 10.0 percent from the same time last year.

New Listings coming on the market for March saw a reduction of 8.9 percent from the previous year to 1,369 units. Pending Sales, or homes going under contract, decreased 7.1 percent from March 2019, to reflect 1,130 Pendings.

Inventory of homes for sale saw a decrease of 32.3 percent, bringing inventory levels to 1,626 units and representing a 1.5-month supply of homes. Detached homes sold on average in 37 days, 26.0 percent faster than this time last year. The Average Sale Price for March 2020 was at $275,186, a gain of 10.6 percent from the prior year. The Median Sale Price was at $238,000, increasing 11.5 percent from March 2019.

Condos and townhomes, or attached units, saw a 1.0 percent increase in sales from March 2019, with 102 sales recorded for the month. New Listing activity in March showed a 7.8 percent reduction from the prior year with 142 condos/townhomes added to market inventory. Overall Inventory of attached homes for sale was at 158 units, a 35.0 percent reduction from March 2019.

Attached homes sold on average in 27 days and are selling 44.9 percent faster when compared to the same time last year. For attached homes, the Median Sales Price increased 12.9 percent to $175,000, with the Average Sales Price of $181,660 rising 8.0 percent from March 2019.

“Like many real estate markets around the country, Greater Albuquerque REALTORS® and their sellers and buyers are dealing with the effects of the COVID-19 situation. Local REALTORS® are adapting to the crisis with new approaches to showing a home and conducting open houses virtually using cameras and phones,” said Sherry Fowler, 2020 President of the Greater Albuquerque Association of REALTORS®. She added, “It is too early to tell, how COVID-19 will affect the local real estate market, but we are optimistic the economy can bounce back when this is all over.”

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