Albuquerque Real Estate Market – See the Top 5 Latest Stats
January 2024
The number one driving factor in the Albuquerque real estate market for over a year has been the historic low inventory levels of homes for sale. Simply put, there were more buyers wanting to purchase a home than there are homes for sale. The end result was the dramatic increase in home prices in the Albuquerque area as buyers compete for the few homes that are on the market.
But now in the last year, other trends are moving in that are influencing our market as well. The first is rising interest rates. This has dramatically impacted buying power for some buyers. With interest rates double what they were in the pandemic, this has caused buyers to have to shift to another price category in their home search. So if they were shopping at $350,000 before, they might now be looking closer to $300,000 and below.
The another new emerging trend is uncertainty. With talk of the economy and possibly home prices decreasing, some buyers believe that the market is in a bubble and will dramatically price correct. So they have decided to sit on the sidelines for awhile for what they believe will be a price correction.
So putting all of these elements together, continued low inventory, rising interest rates and economic uncertainty, we are continuing to see a decline in the number of homes sold.
These statistics compare January 2024 to January 2023 – Albuquerque Real Estate Market
Closed Sales -4.4%
Median Sales Price +5.5% – $333,000
Inventory of Homes -1.5%
New Listings +4.9%
Other Stats:
% of List Price Received 98.4%
Average Days on Market for a Sale: 37
We are continuing to see the same trends that we have been seeing for awhile in the greater Albuquerque real estate market.
1. Continued demand for homes – although slowing down – but…very few homes for sale. This is a factor in the month over month continuing sales declines.
2. Inventory of homes on the market continues to be low – it was down 1.5% in January 2024 when comparing to January 2023.
3. Cooling of median sales price increases – median sales price is up 5.5% year to date.
For the last 27 months in our market, closed sales have been down from the previous year. This is definitely a culmination of the factors discussed – low inventory, high interest rates and economic uncertainty. We will see how this trend continues. Closed sales are down 4.4% year for the first month of 2024.
Inventory Snap Shots – How Many Single Family Homes are on the Market in the Albuquerque Real Estate Market
January ended with just 1,077 detached homes on the market. This still remains a remarkably low number. It is 1.5% lower than January 2023.
Connect with Us about the Albuquerque Real Estate Market
The real estate market in the greater Albuquerque area is quite dynamic. Susan and I are involved everyday with helping clients buy and sell homes. We stay on top of the current trends as they are changing. We have successfully helped over 300 families with their real estate needs over the past 9 years. It would be a pleasure to assist you as well.
Please reach out if you would like to know more about what these trends mean for you as you shop for a home or consider the sale of your home. Thank you.
Mark Ryerson markryersonrealestate@gmail.com, 505-288-5239
Susan Ryerson susanryersonrealestate@gmail.com, 505-974-5307
