Unveiling the Albuquerque Housing Market Trends - May 2024 Update
Introduction
In May 2024, the Albuquerque housing market is active. I analyze the latest sales data, prices, and trends. Let’s examine the details to give you a comprehensive overview.
30-Year Fixed Rate Mortgage Trends
The market has seen fluctuations in mortgage rates, with a one-year trend showing ups and downs. From a peak of over 8 percent in November to just over 7 percent currently, predicting mortgage rates remains a challenging feat.
April Market Data Overview
Analyzing the monthly data for home sales in Albuquerque, the numbers reveal a 14 percent increase in homes sold compared to last year. While the lower price range has witnessed a decrease in available homes, the luxury market (priced at $600,000 and above) has experienced a notable uptick. In the video, I shed light on the market dynamics across different price segments.
Long-Term Trends in Home Inventory
Delving into the historical data, there has been a gradual increase in the number of homes available for sale over the years. However, comparing the current inventory to 2019 levels, Albuquerque still lags behind other markets in terms of housing supply. I draw parallels to national trends to provide a broader context for understanding the local market dynamics.
Pending Sales and New Listings
With a significant 18 percent increase in pending sales from the previous year, Albuquerque is witnessing a surge in buyer activity. However, the challenge lies in the limited new listings entering the market, especially in the lower price points. I explain the complexities of the market dynamics impacting new listings and pending sales.
Supply-Demand Dynamics and Price Trends
The supply-demand ratio indicates a seller’s market, with varying months of supply across different price ranges. Homes under $400,000 continue to attract buyers swiftly, showcasing sustained demand in that segment. I discuss the average days on the market and showings per listing to gauge buyer interest levels and market activity.
Median Sale Prices and Price Per Square Foot
The median sale price for homes sold in April is $345,000, reflecting a steady rise in property values. The price per square foot has also seen a notable overall uptick of 8.9% vs April 2023, especially in the lower price points, underlining the robust demand in those segments. I provide insights into the price trends and their implications for buyers and sellers.
Zillow Home Value Index and Future Outlook
The Zillow Home Value Index indicates an all-time high in average home prices for Albuquerque, signaling a strong market performance. I hint at a potential shift in price dynamics moving forward, with projections of a more stabilized market in the coming months. As the market evolves, staying informed about the latest trends is crucial for making informed real estate decisions.