Albuquerque Real Estate Market – Prices Hit Record High | Housing Market Update May 2023
New all-time high sale prices for homes in the Albuquerque area. Demand steady, supply constrained. New construction homes smaller.
Housing Market Update May 2023
[00:00] Albuquerque sees new all-time high in median home sale price
– Median sale price for single-family detached homes in Albuquerque is now $351,000, up from $341,000 last year
– New construction vs resale properties show interesting trends in the market
[01:13] Home prices are still going up due to supply and demand
– Demand is steady but not as strong as before
– Supply is very constrained, leading to higher prices
[02:18] New construction sales down, but prices per square foot only down 4% due to smaller homes
– Median sale price down 17.5% for new construction homes.
– Number of homes sold down 22-23% from last year, with days on market increasing.
[03:30]Median days on market for home sales is 5 days.
– Resale properties have a median of 4 days on market, while new construction takes longer due to unfinished homes.
– Month supply, or how long it takes to sell all homes on the market, varies by price range.
[04:39]Low supply of good homes priced to market, but demand remains high.
– Only 0.6% of homes under $350k available, 1.8% over $350k.
– Average % of list price is 100.3%, with homes under $350k at 100.5%.
[06:03]Low supply and high demand driving up home prices
– Homes for sale under $350k down 30% from last year
– All price ranges seeing a decrease in homes for sale, with new construction being a significant portion
[07:19]Listings for previously owned homes are down 24% YoY
– New constructions are up, but all construction types are down YoY
– Listings for previously owned homes are down 23% YoY on a rolling 12-month basis
[08:24] Low-interest rates for owners have led to fewer people moving.
– Peak of homes being listed for sale in 2019, but the pandemic caused a stall in listings.