Albuquerque Area Housing Slows for the Holiday Season
lbuquerque, NM (December 10, 2022) – According to the latest monthly statistics prepared by the Greater Albuquerque Association of REALTORS®, single-family detached homes going under contract decreased 29.7 percent to 637 homes when compared to November 2021. Inventory of single-family detached homes increased 52.9 percent compared to November 2021 to 1355 units, and 701 new listings were added to the market, representing a 17.6 percent decrease compared to the same time last year.
The median price of a single-family home was $328,000, a 5.8 percent increase from November 2021. The average sales price increased 4.6 percent from the previous year to $379,212. Single-family homes sold on average in 28 days, 75.0 percent slower when compared to November 2021. The average percent of list price received decreased to 98.9percent, a 1.4 increase over the same period last year.
The median sales price for condos/townhomes increased 8.9 percent to $245,000 when compared to November 2021, and average sales price increased 2.6 percent to $236,289. Pending sales increased 1.1 percent to 93 units, while inventory increased 8.2 percent to 79 homes for sale. Condos/townhomes sold on average in 14 days, 7.7 percent slower when compared to November 2021, and 82 new listings were added to the market, a 6.8 decrease from November 2021.
“As we enter the holiday season, we’re starting to see less activity in the local housing market,” said Bridget Gilbert, 2022 President of the Greater Albuquerque Association of REALTORS®. “Home buyers will benefit the most as there is less competition for homes right now.” To see the full report for November 2022 market statistics, go to gaar.com/market-statistics.
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About GAAR
For over 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.