Albuquerque Real Estate Market Update for the Week of June 19, 2023

Albuquerque Real Estate Roundup for June 19, 2023

If you’re considering buying or selling a home in Albuquerque, New Mexico, it’s important to stay up to date on the latest trends in the local real estate market. In this article, we’ll dive into the most recent data and give you a better understanding of where the market stands today and what you can expect moving forward.

Seller’s Market Still Going Strong

As of June 19, 2023, the Albuquerque Real Estate market remains a strong seller’s market with a market action index of 53, according to Altos Research. While this is a generalized statistic for the entire metro area, it’s important to note that this trend varies quite a bit depending on the part of town and price range.

Median Home Prices & Price Per Square Foot Continue to Climb

Median prices and price per square foot for homes in Albuquerque continue to hold strong, though they seem to have hit a plateau. This is not unusual for this time of year, and it’s likely we’ll continue to see steady pricing throughout the rest of the summer.

Inventory Stays Low, But Buyers Have More Choices

The biggest news in the Albuquerque real estate market is the inventory of homes for sale to purchase at any given time. As of this writing, the weekly average of the number of homes on the market is 903, which is roughly the same as this time last year. While last year saw a build in the number of homes on the market through the summer, this year has not followed the same trend, with inventory remaining relatively low.

Days on Market Stays Steady

The average days on market for homes in Albuquerque is 79 days, which is higher than in past years but still lower than 2019’s average of 104. This data indicates that homes are selling quickly, especially those in popular areas that are priced properly and in good condition.

Foot Traffic Data Shows Some Slow Down

Showing Time data indicates that there’s been a slight slowdown in foot traffic in the Albuquerque housing market. While this is down from the past two years, it’s not outside the bounds of normal fluctuations in the market. We attribute the slowing of foot traffic to the current high mortgage rates, which are hovering around 7%, and limited choices for home buyers.

Area, Price Point Dependence on Hotness of Market

The hotness of the Albuquerque real estate market continues to depend upon various factors, including area and price point. The more moderately priced areas like 87112 are experiencing a much stronger, hotter market than more expensive areas like 87107, the North Valley.

Stay Up-to-Date With the Latest Albuquerque Real Estate Market Trends

If you’re thinking of buying or selling a home in Albuquerque, it’s essential to keep track of the latest developments in the local real estate market. By working with a real estate agent who knows the area well, you can get timely updates about the latest trends and make the most informed decisions about your real estate transactions. Contact The Venturi Group at Real Broker today at 505-448-8888 to learn more about how we can help you navigate the Albuquerque real estate market.