Albuquerque Real Estate Market August 2019

Albuquerque Housing Market August 2019

The Albuquerque real estate market is on fire. It is great if you are selling a home, not so much if you are trying to buy a home. Here is a summary of the month of August. Home prices were strong, average price increased by 1.8% and the median sales price increased by 5.1%. Inventory declined by 30.6%. Homes that are priced right are selling with days in many cases. The number of homes sold in August increased by 7.3%. Buyers are having a tough time finding the right home at the right price. Please note all these stats above are a year over year comparison.

Housing Inventory In Albuquerque NM

The inventory of homes for sale in the Albuquerque NM metro area declined to 2,418 homes in August 2019 which is a decline of 30.6 percent compared to August 2018.

Albuquerque Housing Prices

Albuquerque Metro area median home prices increased by 5.1 percent to $226,000 in August 2019. The year to date median home price in Albuquerque NM is $221,500 which is an increase of 5.1 percent compared to 2018.

The average home price in Albuquerque increased to $258,279 in August 2019 which is an increase of 1.8 percent over August 2018. The year to date average home price in Albuquerque NM is $259,139 which is an increase of 7.2 percent compared to 2018.

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 August 2019 decreased to 34 days which is a decrease of 10.5 percent compared to August 2018. The days on market year to date as of August 2019 decreased to 40 days which is a decrease of 9.1 percent compared to year to date as of August 2018.

Real Estate Sales In Albuquerque NM

The number of homes that sold in the month of August 2019 was 1,241 which is an increase of 7.3 percent compared to August 2018. The number of homes that sold year to date as of August 2019 is 8,465 which is an increase of 2.6 percent compared to August 2018.

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 August 2019 is 1,276 which is an increase of 14.4 percent compared to August 2018. The number of homes that went into pending year to date as of August 2019 is 9,215 which is an increase of 5.8 percent compared to year to date as of August 2018.

Albuquerque NM Absorption Rate

The absorption rate is defined as the number of months it would take to sell the current 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 August 2019 was 2.3 which is a decrease of 34.3 percent compared to August 2018.

Myers & Myers Real Estate is the Albuquerque real estate market experts headquartered in Albuquerque New Mexico. We are a full service real estate brokerage and we help home buyers and sellers in the Albuquerque Metro area.

All data comes from the Greater Albuquerque Association of Realtors and is for single family detached homes in the Albuquerque metro area.