Month ends with 51% more inventory compared to last December
Albuquerque, NM (January 10, 2023) – According to the latest monthly statistics prepared by the Greater Albuquerque Association of REALTORS®, single-family detached homes going under contract decreased 15.4 percent to 631 homes when compared to December 2021. Inventory of single-family detached homes increased 51.0 percent compared to December 2021 to 1105 units, and 569 new listings were added to the market, representing a 19.1 percent decrease compared to the same time last year.
The median price of a single-family home was $326,750, a 3.7 percent increase from December 2021. The average sales price increased 2.3 percent from the previous year to $372,389. Single-family homes sold on average in 30 days, 66.7 percent slower when compared to December 2021. The average percent of list price received decreased to 98.9percent, a 1.5 increase over the same period last year.
The median sales price for condos/townhomes increased 16.9 percent to $245,000 when compared to December 2021, and average sales price increased 17.6 percent to $252,057. Pending sales decreased 9.6 percent to 66 units, while inventory increased 21.4 percent to 68 homes for sale. Condos/townhomes sold on average in 19 days, 46.2 percent slowerwhen compared to December 2021, and 54 new listings were added to the market, a 19.4 decrease from December 2021.
“Last month we had more homes on the market than this time last year,” said Carrie Traub, 2023 President of the Greater Albuquerque Association of REALTORS®. “As we get past the holiday season, we expect to see an uptick in sales activity.”
To see the full report for December 2023 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.