GAAR Annual Market Statistics for 2021
FOR IMMEDIATE RELEASE
Contact:
Bridget Gilbert, 2022 GAAR President
505-270-1959, president@gaar.com
Kent Cravens, GAAR CEO
505-724-3481, kent@gaar.com
Greater Albuquerque Area Set Record Highs in Home Sales and Prices for 2021
Albuquerque, NM (January 28, 2022) – Total sales of single-family detached homes in the Greater Albuquerque market rose 8.5% percent from the previous year to top 15,000 sales for the first time. Home sales prices also saw record highs with the Median Sales Price of $290,000 rising 17.2% percent from the previous year and an Average Sales Price of $336,518, increasing 17.5% percent from 2020.
Condo/townhomes that sold in the Greater Albuquerque market were up 16.1% percent with 1,480 reported for the year, also a highest ever. The Average Sales Price for condo/townhomes rose 26.6 percent from the prior year to $216,690, while the Median Sales Price rose 30.4% percent to $210,000.
In 2021, most homes were sold within the first thirty days of being on the market, with 85.2 percent selling within 30 days of being listed in the Southwest Multiple Listing Service. Only 3.9 percent of detached home sales were on the market 90 days or longer. Historically low inventory and a shortage of available homes for buyers was a common theme in 2021, finishing the year with only 639 single-family homes for sale.
“The market data shows us that 2021 was record breaking across the board,” said Bridget Gilbert, 2022 President of the Greater Albuquerque Association of REALTORS®. She added, “Low interest rates and buyer demand fueled a fast-paced year for REALTORS® guiding their customer through a tough market.”
To see the full report for 2021 annual market statistics, go to the GAAR.com Market Statistics section.
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About GAAR
In 2021, the Greater Albuquerque Association of REALTORS® (GAAR) celebrated its 100 Year Anniversary. On July 11, 1921, the National Association of REALTORS® approved the Albuquerque Real Estate Board with a roster of just 20 members. Throughout the years, the Association has undergone several name changes as its geographic boundaries have expanded to include areas in Bernalillo, Valencia, Sandoval, Santa Fe and Torrance County.
Today GAAR is the largest local professional trade association in Central New Mexico with over 4,500 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is the Voice for Real Estate for the Greater Albuquerque Area and the trusted source for accurate real estate market data and trends.
REALTOR® is a registered collective membership mark that may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
For media assistance, please contact Laura Harris at 505-724-3461 or laurah@gaar.com.