Slight Increases to Home Prices as Compared to Last Year
FOR IMMEDIATE RELEASE
Contact: Carrie Traub, 2023 GAAR President
505-259-2415, president@gaar.com
Kent Cravens, GAAR CEO
505-724-3481, kent@gaar.com
Slight Increases to Home Prices as Compared to Last Year
Albuquerque, NM (April 25, 2023) – Home sales activity for detached homes in the Greater Albuquerque housing market in 1st Quarter 2023 had 1,920 sales representing a 24.7 percent decrease when compared to 1st Quarter 2022.
The Median Sales Price for detached homes increased to $325,445, a 3.32 percent increase from 2022. The Average Sales Price also rose 2.16 percent to $371,793. The Average Days on Market until a home sold was 35 days, spending 94.4 percent more time on the market than 1st Quarter 2022. New Listing activity showed a 17.2 percent decrease from the prior year with 2,511 homes entering the market during 1st Quarter 2023.
Townhome and condo sales totaled 222 units, a decrease of 18.7 percent when compared to 1st Quarter 2022. The Median Sales Price for townhomes and condos saw an increase of 6.9 percent increase to $245,750, while the Average Sales Price increased 7.6 percent to $253,430. Townhomes and condos for the Greater Albuquerque area sold on average in 22 days, 37.58 percent slower than the previous year.
The GAAR Quarterly Reports provide an opportunity to look at the sales activity in individual areas and cities within the Greater Albuquerque market. The City of Albuquerque showed an Average Sales Price of $366,020, an increase of 2.48 percent from the same quarter last year. The City of Rio Rancho ended 1st Quarter with an Average Sales Price of $376,549, a 4.57 percent increase. The East Mountains and Estancia Basin had an Average Sales Price of $432,323, a 7.32 percent increase, and Valencia County increased 1.6 percent to $304,058.
“Home prices in the Greater Albuquerque Area had slight increases during the first quarter,” said Carrie Traub, 2023 President of the Greater Albuquerque Association of Realtors®. “It is encouraging to see the market start to settle down after last year’s unprecedented activity and acceleration of prices.”
To see the full report for the 1st Quarter 2023 Market Statistics, go to GAAR.com and click on 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.