The Albuquerque housing market's strong 2020 carried through to the first quarter of 2021.

In a quarterly report from the Greater Albuquerque Association of Realtors, the trends of increasing sales prices and volume continue up while new listings and days on the market are down. The median sales price of a detached single-family home is up more than 15% to $265,000 from a year earlier.

In March, the median sales price reached $270,000 — the highest in GAAR's data that goes back to 2007, according to Business First reporting. There were 3,499 new listings through the first quarter for detached single-family homes, down from 3,799 from last March — a 7.9% decrease year over year. New listings in March decreased by 6.67% — to 1,288 listings — when compared to the previous year, Business First reported.

Days on the market fell 54.72% from 53 days a year ago to 24 days in the quarter.

Those trends look to continue throughout the year.

“Residential real estate continues to experience a nationwide trend of increased demand while inventory remains historically low,” said Belinda Franco, GAAR's 2021 president, in a statement. “Median and average sales prices in the Greater Albuquerque markets continue to trend at all-time highs, with no forecast of slowing as we enter the 2nd quarter of 2021 with sales continuing to outpace new listings.”

Because of the state of the market, when a prospective buyer and their broker tour a house, it's expected there might be another offer in play, said Julie Turner, owner and qualifying broker of Realty One Group Concierge.

Recently, Turner said a client of hers, to stand out to the seller, came in with an offer over the list price and agreed to pick up title, closing, appraisal, inspections and other costs that are usually paid by the seller. Those fees can amount to upwards of $3,000, she said.

"We ended up getting the house because of the way that we wrote the offer," Turner said. "So we're just having to get a little more creative."

Earlier this month, Business First reported on GAAR's March report showing a 100.3% list price received by the combined sales of single-family homes. The metro's residential market crossed the threshold that it had flirted with over the second half of last year, when it reached 99.5% in July, according to the data.

With the market as tight as it is, Turner said she's seen a slight change among fellow brokers.

"You're still competing with other brokers, but it's important to collaborate because you never know when you're next deal is coming from and who you're going to be working with," she said.

Business First reported in March on Turner opening the Realty One Group Concierge office at 100 Sun Ave. NE. Turner has 10 agents with four additional prospective agents that could join the team by the end of the month. Across the industry, she said she's seen more inquiries of people trying to get into the industry.

Source: "Home sale prices continue to rise in Albuquerque housing market's first quarter"