GAAR Market Statistics January 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
Home Prices Remain Constant Despite Slower Market Activity
Albuquerque, NM (February 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 907 homes when compared to January 2021. Inventory of single-family detached homes decreased 41.3 percent compared to January 2021 to 599 units, and 910 new listings were added to the market, representing a 16.2 percent decrease compared to the same time last year.
The median price of a single-family home was $310,000, a 20.2 percent increase from January 2021. The average sales price increased 16.1 percent from the previous year to $349,664. Single-family homes sold on average in 21 days, 16.0 percent faster when compared to January 2021. The average percent of list price received increased to 100.3 percent, a 0.8 increase over the same period last year.
The median sales price for condos/townhomes increased 16.9 percent to $210,500 when compared to January 2021, and average sales price increased 16.1 percent to $216,379. Pending sales remained the same at 98 units, while inventory decreased 71.6 percent to 27 homes for sale. Condos/townhomes sold on average in 15 days, 15.4 percent slower when compared to January 2021, and 76 new listings were added to the market, a 29.0 decrease from January 2021.
“With fewer homes on the market in January, it’s predictable that we experienced less activity,” said Bridget Gilbert, 2022 President of the Greater Albuquerque Association of REALTORS®. “Any homes listed continue to sell quickly and at increased prices over last year.”
To see the full report for January 2022 market statistics, go to gaar.com/market-statistics.
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About GAAR
In 2021, the Greater Albuquerque Association of REALTORS® (GAAR) celebrated its 100 Year Anniversary. On July 11, 1921, the National Association of REALTORS® approved the Albuquerque Real Estate Board with a roster of just 20 members. 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.