Albuquerque Real Estate: Prices Rising, But Sales Falling for November 2022
The housing market in Albuquerque is constantly changing, and this month has seen a significant shift from last year. According to the latest data from the Albuquerque MLS, the median price of sold homes in Albuquerque has increased by 6.7% from November 2021. However, closed sales have dropped 37% from November last year.
Closed Sales: 735 Sales
Albuquerque real estate market remained active in November 2022, but closed sales fell 37.4% from November 2021 and were down 19.4% over the last 12 months. A total of 735 homes were sold in November, compared with 987 that closed in November 2021.
Home for Sale (inventory): 1,398
In November of 2022, there were, on average, 1,398 homes for Sale in the Albuquerque MSA, representing a 50% increase from 2021, however, 42% decrease from 2019. Despite this inventory growth, the supply remains historically low.
Midian Price: $314,900
Median Home prices in the Albuquerque Area continued to rise, with a 6.7% increase year-over-year to $314,900 from $295,000 in Nov of 2021.
Price Per Sqft: $186
The price per square foot for closed sales in November is $186; this is an increase of 8.1% from November 2021.
New Listings: 769
According to data from November, there were 769 new listings, which is 17% fewer than in November 2021 and the lowest annual pace since 2005. The real estate market in Albuquerque has seen a decrease in the number of new listings for Sale. This is not completely unexpected, as many potential sellers have high equity built up and are taking advantage of currently low-interest rates.