Albuquerque Real Estate: February 2025 Market Insights
Introduction to February 2025 Market Overview
As we step into February 2025, the Albuquerque real estate market continues to reveal intriguing trends. The data indicates a shift in dynamics that could shape the market for months to come. By analyzing recent statistics, we gain insight into sales, inventory, and pricing, painting a clearer picture of what buyers and sellers can expect moving forward.
Methodology: Rolling Three-Month Analysis
This month, we’re taking a different approach by utilizing a rolling three-month analysis. Instead of comparing January to January of the previous year, we’re examining the combined data from November, December, and January. This broader time frame allows us to capture fluctuations and trends that might otherwise go unnoticed, providing a more comprehensive understanding of the Albuquerque housing landscape.
Closed Sales: A Positive Trend
In the Albuquerque area, the closed sales have shown promising growth. Over the last three months, we recorded 2,190 closed sales, marking an 11% increase compared to the same period last year. This upswing suggests a resurgence in buyer activity, which is particularly noteworthy given that 2023 was one of the lowest years for unit sales in recent history and 2024 was not far behind.
Understanding Home Supply Levels
Home supply levels serve as one of the simplest indicators of market health. Currently, we see a 25% increase in the number of homes for sale compared to last year, yet we remain below pre-pandemic levels. This persistent constraint in supply indicates that while more homes are entering the market, we are still not at a point where supply puts us in a technical buyers’ market as demand stays steady.
Pending Sales: An Upward Movement
Pending sales have also seen a slight upward movement, with an increase of approximately 10%. A total of 2,204 homes were put under contract in the last three months, which, although an improvement from last year, still reflects a subdued activity level compared to more “typical” years. This increase in pending sales is a positive sign, suggesting that buyers are actively engaging with the market.
Pricing Stats: Analyzing Average and Median Prices
When we dive into pricing statistics, we find that the average price of homes sold over the last three months stands at $407,661. This represents a 7.8% increase from the same period last year. However, it’s crucial to remember that this average does not necessarily reflect a uniform appreciation across all homes in the market.
The median price, which indicates the middle ground of home sales, is currently $355,000. This figure is down slightly for the all-time high of June 2024 of $415,000, showcasing the ongoing appreciation in home values. Notably, the median price per square foot has risen to $211, reflecting a 4.5% increase from the previous year, aligning with the overall trends of moderate price appreciation in the Albuquerque real estate market.
Analyzing these statistics reveals steady market growth compared to 2023 and 2024. Buyers now have more options, benefiting home buyers, while sellers face more competition. Understanding these dynamics is crucial for navigating the Albuquerque real estate market.
For those interested in exploring further, we invite you to visit our website for more detailed Albuquerque housing market statistics and insights. The Albuquerque real estate market is evolving, and staying informed is key to making the best decisions whether you’re buying or selling.
Home Price Per Square Foot: A Deeper Look
When analyzing the Albuquerque real estate market, the price per square foot offers valuable insights into the overall health and trends of home values. Currently, the median price per square foot stands at $211, reflecting a 4.5% increase from the previous year. This figure is significant as it indicates a consistent appreciation in value, aligning with the broader market trends.
Days on Market: Returning to Normalcy
The average days on market for homes in Albuquerque are returning to a more normalized pace. Currently, homes are averaging around 42 days to go under contact, and the median days on market is 24, a stark contrast to the frenzied environment of 2021 when some properties sold in just hours. This shift signifies stabilization in the market, allowing buyers more time to make informed decisions without the pressure of immediate competition.
While this may seem slower, it actually reflects a healthier market dynamic. Sellers are adjusting their expectations, and buyers can negotiate better terms. As we look ahead, it’s crucial for all parties involved to understand that a more stable market can lead to sustainable growth over time.
Real-Time Pending Status: Current Contracts and Future Sales
In the current market, pending status homes are a vital indicator of future sales trends. As of now, there are 939 homes in pending status, a notable increase from 831 homes this time last year. This uptick is a positive sign, indicating that buyer interest remains strong despite the fluctuations in supply and demand.
These pending homes are critical for predicting future sales prices. For instance, the median price of homes currently under contract is $212 per square foot, reinforcing the ongoing trend of moderate price appreciation in the Albuquerque market. This data suggests that buyers are willing to pay for homes that match their needs, which bodes well for future market stability.
Conclusion: What Lies Ahead for Albuquerque Real Estate
Looking ahead, the Albuquerque real estate market appears to be on a stable path. With a healthy increase in both supply and buyer interest, we expect continued moderate price appreciation. The overall economic indicators suggest that the market will maintain its momentum, with potential for growth as we move further into 2025.
Buyers should take advantage of the increased inventory, while sellers can feel confident knowing that demand remains steady. As always, staying informed and adaptable will be key to navigating this evolving landscape.
FAQ: Common Questions about the Albuquerque Housing Market
What is the current average home price in Albuquerque?
The average home price in Albuquerque is currently around $407,661, reflecting a 7.8% increase from the same period last year.
How long do homes typically stay on the market?
Homes in Albuquerque are currently averaging around 42 days on the market, indicating a return to a more normalized pace compared to previous years.
Is it a good time to buy in Albuquerque?
With increased inventory and moderate price appreciation, now can be a favorable time for buyers looking to take advantage of more options in the market.
What factors influence home prices in Albuquerque?
Key factors include supply and demand dynamics, interest rates, economic conditions, and the overall desirability of the Albuquerque area.
Where can I find more information about Albuquerque real estate?
For more detailed statistics and insights, visit our real-time Albuquerque Housing market tracker page.