Greater Albuquerque Homes Average $369,323 in 4th Quarter 2022
FOR IMMEDIATE RELEASE
Contact:
Carrie Traub, 2023 GAAR President
505-259-2415, president@gaar.com
Kent Cravens, GAAR CEO
505-724-3481, kent@gaar.com
Greater Albuquerque Homes Average $369,323 in 4th Quarter 2022
Albuquerque, NM (January 25, 2023) – Home sales activity for detached homes in the Greater Albuquerque housing market in the 4th Quarter 2022 had 2,067 sales representing a 37% percent decrease when compared to 4th Quarter 2021.
The Median Sales Price for detached homes increased to $325,000, a 7.26 percent increase from 2021. The Average Sales Price also rose 4.19 percent to $369,323. The Average Days on Market until a home sold was 25 days, spending 56.25 percent more time on the market than 4th Quarter 2021. New Listing activity showed a 20.02 percent decrease from the prior year with 2,281 homes entering the market during the quarter.
Townhome and condo sales totaled 244 units, a decrease of 30.68 percent when compared to 4th Quarter 2021. The Median Sales Price for townhomes and condos saw an increase of 10.67 percent increase to $241,250, while the Average Sales Price increased 7.44 percent to $239,219. Townhomes and condos for the Greater Albuquerque area sold on average in 15 days, 15.38 percent slower than the previous year.
The GAAR Quarterly Reports also provide an opportunity to look at the sales activity in individual areas and cities within the Greater Albuquerque market. The City of Albuquerque showed an Average Sales Price of $371,102, an increase of 6.36 percent from the same time last year. The City of Rio Rancho ended the quarter with an Average Sales Price of $368,809, a 10.76 percent increase. The East Mountains and Estancia Basin had an average sales price of $434,534, a 7.48 percent increase, and Valencia County increased to $309,233, a 9.25 percent increase.
“Sales prices are holding steady even with additional home listings and fewer sales,” said Carrie Traub, 2022 President of the Greater Albuquerque Association of Realtors®. “This creates opportunity for both home buyers and sellers as we head into spring which is typically one of the busiest times of the year for sales activity.”
To see the full report for Market Statistics for 4th Quarter 2022, go to GAAR.com and click on Market Statistics.
# # #
About GAAR
For more than 100 years, the Greater Albuquerque Association of REALTORS® (GAAR) has served home buyers, home sellers, and the local community. 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.