Agents in the Albuquerque single-family home market reported 1,398 pending sales recorded last month, according to data in the latest Greater Albuquerque Association of Realtors report. Overall, pending sales increased 4.8% in July 2021 when compared to the previous year, according to the data.

By Chris Keller  –  Managing Editor, Albuquerque Business First, Aug 11, 2021

The inventory of single-family homes for sale in the Albuquerque residential market remained under 1,000 in July, continuing a year-over-year decrease, while pending sales continued to outpace previous years, according to data in the latest Greater Albuquerque Association of Realtors report.

While an increase over June, the 981 homes listed on the market represents a 39.3% decrease over July 2020 and a decrease of more than 63% over July 2019, according to the report.

Meanwhile, agents reported 1,398 pending sales recorded last month, a figure that often follows seasonal patterns. Overall, pending sales increased 4.8% in July 2021 when compared to the previous year, according to the data.

The percent of list price received in the Albuquerque residential market exceeded 100% for the fifth straight month, coming it at 101.9% in July 2021. That's an increase of 2.41% over the previous July. The percent of list is calculated by dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month. The figure does not take into account seller concessions.

The continued increase bucks a trend that has started to appear in nationwide data, according to real estate firm Redfin.

The Business Journals' Andy Medici reported that about 4.7% of listings for the four weeks ending Aug. 1 had price drops, according to Redfin's data. That's compared to 3.7% during the same period last year. It is also near the pre-pandemic level of 4.9% during the same period in 2019 — the latest sign the housing market may be cooling off after a period of rapid price appreciation, Medici reported.

Among other benchmarks contained in GAAR's July report on single-famly home sales in the Albuquerque residential market:

• The median sales price increased 19.52% — to $300,000 — when compared to the previous year.
• New listings decreased less than 1% — to 1,569 listings — when compared to the previous year. The number of new listings often follow seasonal patterns.
• Days on the market decreased 57.69% — to 11 days — when compared to the previous year.

Source: "Report: Inventory of single-family homes in Albuquerque less than July 2020"