A look at the long-term housing trends for the Greater Albuquerque Area.
Average Price is calculated by dividing the number of homes sold by the total dollar amount of the sales.
Median Price is the middle price point of all homes sold. Said another way… half the homes sold for more and half the homes sold for less.
Price Per Square Foot calculates the sale price per square foot of a home’s heated space. A good indicator of overall home price appreciation/depreciation.
Home Inventory (AKA Number of Homes For Sale) shows the number of homes “Active” on the market. This does not include Pending/Under Contract properties.
New Listings shows the number of Homes new on the market for the specific month.
Closed Sales shows the number of properties that Transferred Ownership.
Pending Sales shows us the number of homes that received a contract for sale, also known as Under Contract or In Escrow. This informs us of the expected number of Closed sales in the next 30-45 days.
Days on Market is a good indicator of Supply vs. Demand trends. It is the number of days a listing is Active in MLS before it is Pending. The is the Average across all Closed properties.
Months Supply, also called Absorption Rate, is a measurement of Supply vs. Demand. It is calculated by dividing the number of homes sold in a month by the number of homes on the market. A higher number equates to more supply and a lower number means less supply. A 5-6 month supply is generally considered a Balanced Market, where a Sellers Market would be a situation that the supply is much less than the 5-6 months and a Buyers Market would be when the supply is much greater than 5-6 months.
The Listing Price to Sale Price Ratios gives us an indication of how much (on average) home prices are being discounted off the listed price at the time of Pending sale to the final Closed sale price.