Home inventory and sales increase in March
Albuquerque, NM (April 11, 2023) – According to the latest monthly statistics prepared by the Greater Albuquerque Association of REALTORS®, single-family detached homes going under contract decreased 16.7 percent to 870 homes when compared to March 2022. Inventory of single-family detached homes increased 38.2 percent compared to March 2022 to 944 units, and 941 new listings were added to the market, representing a 17.7 percent decrease compared to the same time last year.
The median price of a single-family home was $337,000, a 3.7 percent increase from March 2022. The average sales price increased 3.2 percent from the previous year to $384,343. Single-family homes sold on average in 34 days, 100.0 percent slower when compared to March 2022. The average percent of list price received decreased to 99.3 percent, a 2.9 decrease over the same period last year.
The median sales price for condos/townhomes increased 6.5 percent to $246,500 when compared to March 2022, and average sales price increased 4.1 percent to $255,064. Pending sales decreased 5.1 percent to 93 units, while inventory decreased 2.3 percent to 43 homes for sale. Condos/townhomes sold on average in 19 days, 111.1 percent slower when compared to March 2022, and 92 new listings were added to the market, a 24.0 decrease from March 2022.
“The Greater Albuquerque market is starting to heat up and we’re seeing month over month increases in inventory, sales and homes in pending” said Carrie Traub, 2023 President of the Greater Albuquerque Association of REALTORS®. “This presents good timing for sellers who’ve waited to list their homes and an opportune time for buyers before prices increase during the peak season.”
To see the full report for March 2023 market statistics, go to gaar.com/market-statistics.
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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.