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

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.