Lack of Inventory Continues to Impact Home Sales
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
Lack of Inventory Continues to Impact Home Sales
Albuquerque, NM (May 10, 2023) – According to the latest monthly statistics prepared by the Greater Albuquerque Association of REALTORS®, single-family detached homes going under contract decreased 11.0 percent to 893 homes when compared to April 2022. Inventory of single-family detached homes decreased 1.3 percent compared to April 2022 to 886units, and 854 new listings were added to the market, representing a 34.2 percent decrease compared to the same time last year.
The median price of a single-family home was $344,040, a 2.7 percent increase from April 2022. The average sales price increased 0.6 percent from the previous year to $391,772. Single-family homes sold on average in 27 days, 107.7 percent slower when compared to April 2022. The average percent of list price received decreased to 100.0 percent, a 2.4increase over the same period last year.
The median sales price for condos/townhomes increased 9.2 percent to $262,000 when compared to April 2022, and the average sales price increased 8.3 percent to $265,584. Pending sales decreased 24.1 percent to 82 units, while inventory decreased 22.6 percent to 48 homes for sale. Condos/townhomes sold on average in 16 days, 128.6 percent slowerwhen compared to April 2022, and 88 new listings were added to the market, a 32.3 decrease from April 2022.
“In April, we saw the Median home price inch up to its highest level ever,” said Carrie Traub, 2023 President of the Greater Albuquerque Association of REALTORS®. “We are optimistic that as we enter the early summer months that prices will stabilize as more homes for sale enter the market.”
To see the full report for the April 2023 market statistics, 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.