By Chris Keller  –  Managing Editor, Albuquerque Business First
November 12, 2021

The number of homes available for sale in the Albuquerque single-family home residential market last month decreased by about 40% when compared to October 2020, according to the latest Greater Albuquerque Association of Realtors' figures.

The Greater Albuquerque Association of Realtors' report for October showed a total of 890 detached single-family homes on the market after bringing on 1,181 new listings throughout the month. However, the number of new listings decreased by about 13.7% year over year, according to the figures released on Nov. 10.

Meanwhile, the median sales price of a single-family home dropped for the fourth straight month. After reaching $305,000 in June, the median sales price in October came in at $292,900. However, that figure remains nearly 11% higher when compared to the previous year.

Sellers continued to see a hot market last month, as homes moved off the market in an average of 14 days. That represents a decrease of about 33% when compared to the previous year.

Among other benchmarks contained in GAAR's October report on single-family home sales in the Albuquerque residential market:

• Pending sales in the Albuquerque residential market increased 1.5% (1,217 sales) compared to the previous year. This figure often follows seasonal patterns.
• Closed sales decreased by about 6% (1,161 sales) compared to the previous year. This figure often follows seasonal patterns.
• Percent of list price received increased less than 1% — to 100.5% — when compared to the previous year. The percent of list price is calculated by dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month. The figure does not take into account seller concessions.

Click to view GAAR Market Statistics for October 2021

Source: "Inventory of homes for sale in the Albuquerque market last month decreased 40% compared to last year"