Let’s take a look at the Albuquerque housing market data that just came in for March 2023. It is the first week of April in 2023 this is Tego Venturi with the Venturi Group of Real Broker in Albuquerque, New Mexico. Been looking at this housing market data for years. Let me show you what I am seeing here. We are going to look at everything that happened in March. First and foremost, we’re going to look at median sale price. By the way, this is single family detached homes in the entire Albuquerque area. So median sale price, basically 336,000. Interesting piece to that is that is a 4.7 % increase over March of last year. Now, median price, we get a lot of variation throughout the year because more larger homes sell generally in the spring, early summer, and not so much in the winter. So we do see pullbacks. Now, we did have an unusual fallback in median price this winter. A lot of that had to do with the high mortgage rates that we saw, especially starting in September, October. Now, we look at it from a price per square foot standpoint, it tells us a little bit different picture because price per square foot takes out that larger, smaller house of variable a little bit, not 100 %, but it does take it out quite a bit more.

If we’re looking at Albuquerque, again, Greater Albuquerque area, 5.5 % increase in price per square foot from March of last year. So 193 March this year, and that’s exactly what it was in May June of last year, which were our price peaks. So we do seem to be on this year over year price appreciation path, and it doesn’t seem to be slowing down at this point. I’ve got some other data that I could give you to point that out, but we’re not going to get into that right now. It’s actually the list price data which continues to increase. I think one of the big stories that really needs to be highlighted is the number of homes on the market, not just total number of homes, but actual number of homes are getting listed for sale continues to be down 18 % from last year, which was down from the year before, which was down from the year before. And if I do this on a 12 month rolling chart, it really highlights this. People just aren’t selling their homes as often. They’re staying in their homes longer. And so we continue to see that trend here.

And I expect this trend to continue. People that are in those 3, 4, even 5 % mortgages are going to be a little bit hesitant to jump into a 6, 6.5 %, 7 % mortgage. Although mortgages are in a little better place right now, mid to low 6 s right now. Closed sales down. Again, this is the 12 month, let me do the monthly. We have this two different things going on when you talk about the housing markets. Home prices are healthy and continue to go up. Now, if you’re a home buyer, you’re going to say, Well, that’s not so great. But for homeowners and people that are building equity in their homes, it’s great news. But the number of home selling has declined. I’ve heard housing economists call it a housing recession, meaning we’re just not seeing as many homes selling on a year over year basis as we have in the past. And you can see from March of this year to March of last year is down 26 %. And if we do it on a rolling 12 month, it’s down 23 %. So that’s the lowest we’ve seen in a long time the number of homes actually selling.

We had that big peak back in 2021. So yes, the number of home selling is down, supply is down, demand is slower but not out. Let’s look at a couple of demand numbers here. Pending sales down from last year, down 16 %, so not great. But there’s 864 homes that went under contract and people that put homes under contract in March of 23 in the Albuquerque area. Then the other one I’d like to look at is the step before the pending and that is foot traffic. This is number of showings per home that’s on the market. We’re at 8.2 this month, just about the same as last month, but that is up from the low numbers we had during the winter, which is common. It always slows down during the winter. But you can see it’s way down from last year. Last year, in fact, last March, was peak frenzy. We’re not seeing that this year, but it’s very steady. The biggest challenge we see for home buyers right now is just limited choices. They’re, in many cases having to compete. The good homes are still seeing multiple offers, especially depending on price point as well.

But again, that’s not across the board. We’re seeing million dollar homes getting multiple offers as well. It really depends. You need a good real estate professional to help you navigate this real estate market. So if we can help, that’s what we do. We’re the Venturi Group with Real Broker. You can reach us at 505-448-8888. Thanks for watching. Give me a shout if you ever have any questions about the Real Estate Market in Albuquerque. Take care.