Real Estate Market In Albuquerque NM November 2018
Albuquerque Housing Market November 2018
I am always asked how the real estate market in Albuquerque New Mexico is performing. I always ask this question before answering, are you buying or selling? The Federal Reserve raised interest rates again on December 19, 2018. The housing market in Albuquerque is moving from a sellers’ market to a buyers’ market. However, November was a very strong month for sellers in the Albuquerque real estate market. Rising interest rates will make it more expensive for everyone to purchase a home. This could be good news if you currently own rental properties. As people can no longer afford to purchase a home, they will be renters. Supply and demand tells us as we have more renters, rents will increase.
Albuquerque Housing Prices
Albuquerque Metro area median home prices increased by 3.6 percent to $207,000 in November 2018. The year to date median home price in Albuquerque NM is $204,000 which is an increase of 4.1 percent compared to 2017.
The average home price in Albuquerque increased to $247,168 in November 2018 which is an increase of 4.1 percent over November 2017 compared to 2017. The year to date average home price in Albuquerque NM is $240,010 which is an increase of 2.6 percent compared to 2017.
Albuquerque Real Estate Days On Market
Days on market is defined as the number of days from the time the home is placed on the market until the day the home is placed in the pending status (seller has accepted an offer).
The days on market in November 2018 decreased to 45 days which is a decrease of 11.8% percent compared to November 2017. The days on market year to date as of November 2018 decreased to 45 days which is a decrease of 8.2 percent compared to year to date as of November 2017.
Housing Inventory In Albuquerque NM
The inventory of homes for sale in the Albuquerque NM metro area declined to 2,939 homes in November 2018 which is a decline of 15.5 percent compared to November 2017.
Real Estate Sales In Albuquerque NM
The number of homes that sold in the month of November 2018 was 896 which is an increase of 7.3 percent compared to November 2017. The number of homes that sold year to date as of November 2018 is 11,382 which is an increase of 5.0 percent compared to November 2017.
Pending sales are defined as the seller has accepted an offer from a buyer and the home is taken off the market. The number of homes that went into pending in November 2018 is 912 which is an increase of 17.1 percent compared to November 2017. The number of homes that went into pending year to date as of November 2018 is 11,757 which is an increase of 6.6% percent compared to year to date as of November 2017.
Albuquerque NM Absorption Rate
The absorption rate is defined as the number of months it would take to sell the currently inventory if the number of homes sold continued. A lower number means the market is tight and homes are selling fast. The absorption rate in Albuquerque for November 2018 was 2.8 which is a decrease of 22.2 percent compared to November 2017.
John Myers License 19085
9550 Elena Drive NE Albuquerque NM 87122
505 401-7500
All data comes from the Greater Albuquerque Association of Realtors monthly real estate market overview.
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