Analyzing the Mid-January 2024 Real Estate Market Update

Hello, everyone, Tego Venturi here. Today, let’s delve into the latest real estate market trends in Albuquerque, New Mexico, as of mid-January 2024. We’ll be exploring various aspects such as market action index, inventory, pricing, and other key indicators to gain insights into the current state of the housing market in the area.

Market Action Index and Supply vs. Demand

The Market Action Index is a crucial measurement of supply versus demand in the real estate market. As of now, our current Market Action Index stands at 48, indicating that we are still in a seller’s market. This means that there is a high demand for properties but a limited supply, giving sellers an advantage in the market. It’s important to note that this trend applies across all price ranges and areas within the entire metro Albuquerque area.

Inventory and New Listings

When discussing inventory, we observe that the number of homes on the market aligns with the figures from the same time last year. However, it’s worth noting that the inventory remains relatively low, especially in comparison to the years 2018 and 2019. Additionally, the number of new listings has shown a slight increase compared to the previous week. Nonetheless, 2024’s new listings remain the lowest compared to the data from 2019 up to the present year.

Housing Absorption Rate

The housing absorption rate, which represents the number of homes going off the market, has shown steadiness, indicating a steady demand for available properties. However, the limited supply doesn’t fully cater to the demand, underscoring the prevailing seller’s advantage in the current market.

Pricing Trends

By looking at the median list price of single-family detached homes in the metro Albuquerque area, we can see that the current median list price rests at $437,278, indicating a 6.5% increase from the previous year. This upsurge signifies the sustained strength of the market, as prices continue to surpass last year’s figures. Furthermore, the price per square foot also reflects a 6% increase compared to the previous year, showcasing the overall growth in property values.

Analysis of Price Decreases and Days on Market

We observe that a considerable 35% of homes on the market have undergone price reductions, reflecting a high percentage in comparison to prior years. This may be attributed to initial pricing strategies and the typical seasonal adjustment of prices during the winter. Moreover, the average days on market stands at 90 days, indicating that homes are still turning over relatively quickly despite the current market conditions.

Future Projections and Conclusion

As we look ahead, it’s essential to keep an eye on the developments in the real estate market. With predictions of potential mortgage rate fluctuations throughout the year, we may see shifts in seller behavior and listing activities. Additionally, the approach of the spring selling season might bring more homes onto the market, offering increased opportunities for both buyers and sellers.

In conclusion, the current real estate market in Albuquerque, New Mexico, continues to lean in favor of sellers due to the limited inventory and sustained price growth. As a prospective buyer or seller, staying informed about these market trends can help in making well-informed decisions regarding real estate transactions.

I hope this update provides you with valuable insights into the current state of the housing market in Albuquerque. For further details, you can access all the charts and data mentioned in this analysis by visiting Thank you for joining me today, and have a great day!