GAAR Market Statistics for Q1 2022
FOR IMMEDIATE RELEASE
Contact:
Bridget Gilbert, 2022 GAAR President
505-270-1959, president@gaar.com
Kent Cravens, GAAR CEO
505-724-3481, kent@gaar.com
More Home Listings than Sales in the 1st Quarter of 2022
Albuquerque, NM (April 25th, 2022) – Home sales activity for detached homes in the Greater Albuquerque housing market in the first quarter 2022 had 2,551 sales representing a 13.26% percent decrease when compared to first quarter 2021.
The Median Sales Price for detached homes increased to $315,000, a 18.87% percent increase from 2021. The Average Sales Price also rose 17.96 percent to $363,940. The Average Days on Market until a home sold was 18 days, spending 25 percent less time on the market than first quarter 2021. New Listing activity showed a 13.38 percent decrease from the prior year with 3,031 homes entering the market during the quarter.
Townhome and condo sales totaled 273 units, a decrease of 13.26 percent when compared to first quarter 2021. The Median Sales Price for townhomes and condos saw an increase of 18.87 percent to $230,000, while the Average Sales Price increased 17.96 percent to $235,610. Townhomes and condos for the Greater Albuquerque area sold on average in 16 days, 27.27 percent faster than the previous year.
The GAAR Quarterly Reports provide the opportunity to look at the sales activity in individual areas and cities within the Greater Albuquerque market. The City of Albuquerque showed an Average Sales Price of $357,157, an increase of 17.46% percent from the same time last year. The City of Rio Rancho ended the quarter with an Average Sales Price of $331,000, a 23.84 percent increase. The East Mountains and Estancia Basin had an Average Sale Price of $402,819, a 12.09 percent decrease, and Valencia County increased to $299,297, a 19.46 percent increase.
“This quarter we saw more homes entering the market but fewer home buyers,” said Bridget Gilbert, 2022 President of the Greater Albuquerque Association of REALTORS®. This is a first in about 18 months which will provide anyone looking to buy more inventory to choose from.”
To see the full report for the First Quarter 2022 Market Statistics, go to GAAR.com and click on Market Statistics.
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About GAAR
For over 100 years, the Greater Albuquerque Association of REALTORS® (GAAR) has served homebuyers, 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 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.