The Dynamic Albuquerque Housing Market
The real estate market in the Albuquerque area has a dynamic and ever-changing landscape, and understanding a housing market’s current state is key to making informed decisions when buying or selling a home. With a unique mix of urban and rural living, a student population, and a variety of cultural influences, the Albuquerque housing market offer many options. This page provides insights into Albuquerque real estate trends will help guide potential buyers and sellers in their decision-making process. With the right information, buyers can find the perfect home and sellers can get the best price. We provide this to guide decision-making in today’s ever-changing real estate market.
This chart shows the total number of closed home sales in a specific month. Closed sales generally occur about 45 days after a pending sale (Under Contract) and, in some ways, is a lagging indicator, but it is a good measure of activity since last year.
Homes for Sale (Inventory)
Here we look a the number of Active listings in a specific month. This data also comes directly from the Albuquerque Multiple Listing Service. The number changes continuously, and it is common to see 300-400 homes come on and off in a week. Home buyers should follow the just-listed properties or get a listing alert notification.
Pending Sales (aka Under Contract)
Pending home sales refer to the number of residential property purchase agreements signed but not yet closed, indicating that the sale is in progress but not yet finalized. This is a leading indicator of future closed sales.
Newly Listed Houses in Albuquerque
This is the number of residential properties that were listed for sale in Albuquerque’s metro each month. This is a key indicator when evaluating the supply side of the supply vs demand mix.
Months Supply of Homes For Sale
A month’s supply of homes is to measure the balance between housing supply and demand. It represents the number of months it would take to sell all the currently listed homes in the local real estate market, given the current rate of home sales. This indicator helps buyers and sellers understand the Buyer’s market vs Seller’s market mix and helps make informed decisions.
The month’s supply of homes can be interpreted as follows: 1. A low month’s supply (typically less than 3-4 months) indicates a seller’s market, where demand exceeds supply, leading to higher prices and faster sales. 2. A high month’s supply (typically more than 6-7 months) indicates a buyer’s market, where supply exceeds demand, leading to lower prices and slower sales. 3. A balanced market is typically around 4-6 months, indicating an equilibrium between supply and demand.
It’s important to note that the month’s supply of homes can vary by neighborhood in Albuquerque, price range, and property type. Additionally, seasonal factors can also influence this metric.
Days On Market
Days On Market (DOM) refers to the number of days a property is listed for sale before it comes off the market as a Pending sale. It is helpful in evaluating the demand and shorter DOM indicates a faster-moving market, and longer DOM suggests a slower market. DOM is measured in average and median.
Showing Activity (Foot Traffic) Single-Family Homes in Albuquerque
Sale Price Per Square Foot for Single-Family Homes in Albuquerque
Price per square foot is used to track home prices and is calculated by dividing the total sale price of the home by the total square footage of the living space. It helps in comparing the value of different properties and assessing the real estate market trends. Any home value analysis should use this measure in evaluating housing prices.
Median Sale Price
This chart shows the Median price for closed sales from the Greater Albuquerque Association of Realtors data and is updated monthly. Median price refers to the middle value of all home sale prices in this specific area, where half of the homes are sold for higher prices and half for lower prices. It is a useful indicator of market conditions and is less influenced by extreme values compared to the average sale prices. However, the median price can change seasonally because the size of homes selling in the spring and early summer usually are larger and have higher prices.