Local Housing Inventory Increases, Prices Continue to Level
Albuquerque, NM (August 10, 2022) – According to the latest monthly statistics prepared by the Greater Albuquerque Association of REALTORS®, single-family detached homes going under contract decreased 14.4 percent to 1,066 homes when compared to July 2021. Inventory of single-family detached homes increased 9.5 percent compared to July 2021 to 1,261 units, and 1,292 new listings were added to the market, representing a 18.4 percent decrease compared to the same time last year.
The median sales price of a single-family home was $334,250, a 11.4 percent increase from July 2021. The average sales price increased 8.6 percent from the previous year to $379,627. Single-family homes sold on average in 12 days, 0.0 percent slower when compared to July 2021. The average percent of list price received decreased to 101.1 percent, a 0.8 increase over the same period last year.
The median sales price for condos/townhomes increased 13.0 percent to $234,500 when compared to July 2021, and the average sales price increased 12.5 percent to $246,296. Pending sales decreased 20.3 percent to 114 units, while inventory decreased 43.4 percent to 60 homes for sale. Condos/townhomes sold on average in 9 days, 25.0 percent faster when compared to July 2021, and 116 new listings were added to the market, a 36.3 decrease from July 2021.
“Housing inventory in the Greater Albuquerque area has continued to increase each month this year” said Bridget Gilbert, 2022 President of the Greater Albuquerque
Contact:
Bridget Gilbert, 2022 GAAR President
505-270-1959, president@gaar.com
Kent Cravens, GAAR CEO
505-724-3481, kent@gaar.com