By Chris Keller  –  Managing Editor, Albuquerque Business First

Apr 13, 2021, 6:45pm EDT

Combined sales of single-family homes sold in Albuquerque fetched more than 100% of list price in March, according to data in the latest Greater Albuquerque Association of Realtors report.

GAAR's report showed percent of list price received hit 100.3% in March. The metro's residential market crossed the threshold that it had flirted with over the second half of last year, when it reached 99.5% in July, according to the data.

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.

That figure is just one of many that points to a continuation of a seller's market in Albuquerque and a low inventory of detached single-family homes on the market.

The average single-family home in the Albuquerque residential market lasted just 21 days on the market in March. That's a decrease of 43.24% when compared to the previous year, and a decrease of about 19.23% over the previous month.

Meanwhile, the supply of single-family homes for sale in the Albuquerque residential market decreased by 69.2% in March compared to the previous year. The metro area's inventory stood at just 608 homes, according to the GAAR data.

As such, new listings in March decreased -6.67% — to 1,288 listings — when compared to the previous year, while pending sales increased 31.67% — to 1,322 sales. Closed sales, meanwhile, increased 15.53% — to 1,153 — in March 2021 when compared to the previous year. All three figures tend to follow seasonal patterns.

Median sales prices reached a new high, hitting $270,000 in March, according to GAAR's data back to 2007. The increase was about 13.7% over the previous year.

GAAR's monthly reports are available here.

The bulk of this story was automatically generated by a computer application and is based on data made available by the Greater Albuquerque Association of Realtors. Albuquerque Business First's Ron Davis and Chris Keller review the data and text before publishing.

Source: "GAAR: Albuquerque single-family homes fetched more than 100% of list price in March"