Albuquerque Housing Market – Monthly Update
Each chart below compares the most recent month’s data to the same month from the past two years, broken down by price range. The data includes all Single-Family Detached and Attached homes within the Albuquerque Metropolitan Statistical Area (MSA), which encompasses Bernalillo, Sandoval, Valencia, and Torrance counties.
Closed Sales
The total number of home sales that closed last month. Although it’s a delayed measure of market activity, it helps us understand overall trends compared to previous years. Usually, homes close 30 to 50 days after they go pending.
Active Homes for Sale (Inventory)
Active inventory helps us understand the balance of supply and demand, which can impact home prices and how quickly homes sell. This number varies continuously and represents the homes available at the end of each month.
Pending Sales (Under Contract)
Pending home sales refer to the number of purchase agreements signed between buyers and sellers in the month. This monthly data shows us the buyer activity for the month and helps predict future closed sales.
New Listings
The number of new listings made active in a month is a key indicator for evaluating the supply side of the supply and demand balance.
Months Supply of Homes For Sale
The Month’s Supply metric shows how long it would take to sell all listed homes at the current sales rate, reflecting the balance between supply and demand. A supply of less than 3 to 4 months indicates a seller’s market, while more than 5 to 6 months suggests a buyer’s market.
Days On Market
Days On Market (DOM) is the days a home is for sale before it comes off the market as Pending (from Active in the MLS to Pending in the MLS). It helps evaluate the demand and sales pace. We show DOM as average and median.
Showing Activity (Foot Traffic)
Tracks the average number of showings homes on the market had in a month. This is an early indicator of home buyer activity.
Sold Price Per Square Foot
The price per square foot helps you understand home prices. It is calculated by dividing the sale price by the homeβs total square footage. This method allows for better comparisons across different sizes and provides clearer price trends than median or average prices. The charts show both the median and average prices per square foot.
Median Sale Price
The median price is the middle value, which means that half of the homes sold for higher prices and half sold for lower prices. It serves as a reliable indicator of market conditions, as it is less affected by extreme values compared to average prices. However, median prices can vary by season; for instance, larger homes sold in the spring and summer typically command higher prices.
Average Sale Price
The average (mean) home price is determined by dividing the total sales of all homes sold in a month by the number of homes closed. While it provides a general idea of home prices, it can be skewed by unusually high or low sales, so it may not accurately represent the typical home price.
Want More Albuquerque Housing Market Dant and Resources?
Check out our Weekly Housing Market Tracker, which gives a real-time look at the active homes on the market and shows the trends and data that inform us of future sales and home prices.
Check out our Albuquerque Real Estate Market YouTube Channel with analysis, trends, and market updates.