Local Housing Begins to Stabilize with Start of School
Albuquerque, NM (September 10, 2022) – According to the latest monthly statistics prepared by the Greater Albuquerque Association of REALTORS®, single-family detached homes going under contract decreased 15.2 percent to 1,040 homes when compared to August 2021. Inventory of single-family detached homes increased 5.8 percent compared to August2021 to 1275 units, and 1,116 new listings were added to the market, representing a 21.2 percent decrease compared to the same time last year.
The median price of a single-family home was $330,000, a 10.7 percent increase from August 2021. The average sales price increased 9.6 percent from the previous year to $376,394. Single-family homes sold on average in 16 days, 33.3 percent slower when compared to August 2021. The average percent of list price received decreased to 99.8 percent, a 1.2increase over the same period last year.
The median sales price for condos/townhomes increased 16.7 percent to $247,500 when compared to August 2021, and average sales price increased 13.4 percent to $250,209. Pending sales decreased 30.5 percent to 98 units, while inventory decreased 38.0 percent to 75 homes for sale. Condos/townhomes sold on average in 10 days, 9.1 percent fasterwhen compared to August 2021, and 112 new listings were added to the market, a 35.6 decrease from August 2021.
“The number of homes coming onto the market has begun to decrease which is typical now that the school year is in full swing,” said Bridget Gilbert, 2022 President of the Greater Albuquerque Association of REALTORS®. “While prices have increased about 10% over last year, month-to-month they are appear to be stabilizing”.
To see the full report for August 2022 market statistics, go to gaar.com/market-statistics.
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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
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.