May 2022 Market Statistics
FOR IMMEDIATE RELEASE
Contact: Bridget Gilbert, 2022 GAAR President
505-270-1959, president@gaar.com
Kent Cravens, GAAR CEO
Local Home Prices Continue to Climb in May
Albuquerque, NM (June 10, 2022) – According to the latest monthly statistics prepared by the Greater Albuquerque Association of REALTORS®, single-family detached homes going under contract decreased 8.4 percent to 1,174 homes when compared to May 2021. Inventory of single-family detached homes decreased 16.8 percent compared to May 2021 to 834 units, and 1,291 new listings were added to the market, representing a 10.2 percent decrease compared to the same time last year.
The median price of a single-family home was $340,500, a 17.4 percent increase from May 2021. The average sales price increased 20.8 percent from the previous year to $401,326. Single-family homes sold on average in 13 days, 0.0 percent slower when compared to May 2021. The average percent of list price received increased to 102.6 percent, a 1.1 increase over the same period last year.
The median sales price for condos/townhomes increased 18.8 percent to $250,000 when compared to May 2021, and the average sales price increased 19.3 percent to $257,939. Pending sales increased 0.7 percent to 141 units, while inventory decreased 50.0 percent to 46 homes for sale. Condos/townhomes sold on average in 6 days, 45.5 percent faster when compared to May 2021, and 132 new listings were added to the market, a 8.3 decrease from May 2021.
“Historically, when the school year comes to an end, we see more homes enter the market” said Bridget Gilbert, 2022 President of the Greater Albuquerque Association of Greater Albuquerque Association of REALTORS® 1635 University Blvd. NE Albuquerque, NM 87102
REALTORS®. “Even with rising home prices, we expect homebuyers to have more choices this summer.”
To see the full report for May 2022 market statistics, go to gaar.com/market-statistics.
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About GAAR
For more than 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.