Albuquerque Real Estate Market October 2019

Albuquerque Housing Market October 2019

Looks like 2019 is going to be a great year for the Albuquerque real estate market. 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 October. Home prices were strong, average price increased by 8% and the median sales price increased by 7.9%. Inventory declined by 32.7%. Homes that are priced right are selling within days in many cases. The number of homes sold in October increased by 1.9%. 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 2,077 homes in October 2019 which is a decline of 32.7 percent compared to October 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 October 2019 decreased to 36 days which is a decrease of 18.2 percent compared to October 2018. The days on market year to date as of October 2019 decreased to 39 days which is a decrease of 9.3 percent compared to year to date as of October 2018.

Albuquerque Housing Prices

Albuquerque Metro area median home prices increased by 7.9 percent to $222,900 in October 2019. The year to date median home price in Albuquerque NM is $223,300 which is an increase of 8.9 percent compared to 2018.

The average home price in Albuquerque increased to $263,163 in October 2019 which is an increase of 8.0 percent over October 2018. The year to date average home price in Albuquerque NM is $260,566 which is an increase of 8.0 percent compared to 2018.

Real Estate Sales In Albuquerque NM

The number of homes that sold in the month of October 2019 was 901 which is an increase of 1.9 percent compared to October 2018. The number of homes that sold year to date as of October 2019 is 11,477 which is an increase of 2.9 percent compared to October 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 October 2019 is 947 which is an increase of 21.7 percent compared to October 2018. The number of homes that went into pending year to date as of October 2019 is 11,955 which is an increase of 5.6 percent compared to year to date as of October 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 October 2019 was 2.0 which is a decrease of 35.5 percent compared to October 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.