September saw a 21.9% increase in Local Home Inventory
Albuquerque, NM (October 10, 2022) – According to the latest monthly statistics prepared by the Greater Albuquerque Association of REALTORS®, single-family detached homes going under contract decreased 27.0 percent to 825 homes when compared to September 2021. Inventory of single-family detached homes increased 21.9 percent compared to September 2021 to 1408 units, and 1,027 new listings were added to the market, representing a 18.0 percent decrease compared to the same time last year.
The median price of a single-family home was $340,000, a 15.3 percent increase from September 2021. The average sales price increased 10.1 percent from the previous year to $375,018. Single-family homes sold on average in 19 days, 46.2 percent slower when compared to September 2021. The average percent of list price received decreased to 99.3 percent, a 1.5 increase over the same period last year.
The median sales price for condos/townhomes increased 12.2 percent to $248,000 when compared to September 2021, and the average sales price increased 13.1 percent to $255,273. Pending sales decreased 31.2 percent to 86 units, while inventory decreased 13.9 percent to 93 homes for sale. Condos/townhomes sold on average in 8 days, 33.3 percent faster when compared to September 2021, and 112 new listings were added to the market, a 11.1 decrease from September 2021.
“The biggest news for September is that we’re starting to see a substantial increase in homes for sale,” said Bridget Gilbert, 2022 President of the Greater Albuquerque Association of REALTORS®. “While home prices are still up month over month, the local market is beginning to normalize”.
To see the full report for the September 2022 Market Statistics, go to gaar.com/market-statistics.
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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.