How is the Albuquerque Housing Market Right Now – Week of June 26, 2023

Analyzing the single-family home market in Albuquerque

– Tracking market data since 2018
– Market action index indicates market hotness and indicates Albuquerque is in a Sellers Market

Current real estate market is strong but with low inventory

– Market is not as strong as in the unicorn years of 2021 & 2022 but still stronger than in 2018-2019
– The low number of homes on the market in Albuquerque is keeping prices increasing

Low inventory due to fewer new listings and interest rate situation.

– The number of new listings is low compared to a normal year.
– The interest rate situation is causing fewer people to sell their homes.

Homes in the right price point and areas are selling quickly

– Median list price for homes on the market is at an all-time high
– Current market prices are slightly lower than in recent weeks

Home prices plateaued in early spring

– Prices pull back this time of year, and it’s not unusual
– Price per square foot is a more stable way to look at pricing

Real estate market is experiencing flattening and price reductions

– List prices have peaked and pulled back, with some fluctuations
– Sellers and brokers are feeling the market and adjusting pricing accordingly

Real estate market prices are stabilizing

– Prices have gone up in recent years but have only slightly increased recently
– A few sellers have had to reduce their prices to match market demand but not an unusual number

Long-term trend is a good indicator of the real estate market

– Short-term trends can vary from week to week.
– The number of homes falling through is normal.