Home Prices in Valencia County Show Largest Increase for 2nd Quarter
Albuquerque, NM (July 25, 2022) – Home sales activity for detached homes in the Greater Albuquerque housing market in the 2nd quarter 2022 had 3,120 sales representing a 12.3% percent decrease when compared to 2nd quarter 2021.
The Median Sales Price for detached homes increased to $340,000, a 17.0 percent increase from 2021. The Average Sales Price also rose 17.11 percent to $391,827. The Average Days on Market until a home sold was 12 days, spending 14.3 percent less time on the market than 2nd quarter 2021. New Listing activity showed an 8.5 percent decrease from the prior year with 4,103 homes entering the market during 2nd quarter.
Townhome and condo sales totaled 324 units, a decrease of 17.8 percent when compared to the 2nd quarter 2021. The Median Sales Price for townhomes and condos saw an increase of 14.3 percent to $240,000, while the Average Sales Price increased 13.1 percent to $247,397. Townhomes and condos for the Greater Albuquerque area sold on average in 6 days, 50 percent faster than the previous year.
The GAAR quarterly reports provide more specific detail of the sales activity in individual areas and cities within the Greater Albuquerque market. The City of Albuquerque showed an Average Sales Price of $393,652, an increase of 19.02% percent from the same time last year. The City of Rio Rancho ended the quarter with an Average Sales Price of $365,290, an 18.9 percent increase. The East Mountains and
Estancia Basin had an Average Sales Price of $411,774, a 2.8 percent increase, and Valencia County increased to $313,369, a 27.0 percent increase.
“The quarterly reports provide a more in depth look at housing activity in the different areas we cover,” said Bridget Gilbert, 2022 President of the Greater Albuquerque Association of REALTORS®. “One interesting statistic is that while Valencia County had a 27 percent increase in home prices, they are also the only local area with more listings than last year.”
To see the full report for the 2nd 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.