In the Albuquerque housing and real estate market update for April 2023, we are observing a fascinating contradiction of trends between sales and prices, with the number of homes sold experiencing a decline while home prices continue to rise.
The data reveals that closed sales in the Albuquerque area for April have dropped by 31% compared to the same period in 2022, with 730 homes sold against 1,061 the previous year. Additionally, the average number of homes for sale decreased by 5.8%, and pending sales, which serve as a reliable indicator of future closings, were down by 11.5%. The most striking figure, however, is the 35% decline in the number of homes entering the market compared to April 2022. As a result, the month’s supply of inventory remains extremely tight, currently standing at just one month’s supply of homes available, signaling a significantly limited supply. Despite the 92% increase in days on the market from 2022, the median time for a home to be under contract in April was just five days, indicating the ongoing competitiveness of the market. Finally, with price per square foot increasing by 1% and median prices rising by 2.6% since last April, Albuquerque’s real estate market continues to demonstrate consistent year-over-year growth in home prices, and have been on the rise every month since January, following a slight pullback from the peak in May of 2022.