Albuquerque Housing Market December 2018
I am always asked how the real estate market in Albuquerque New Mexico is performing. I always ask this question before answering, are you buying or selling? Here is a summary of December. Home prices were very strong, the average sale price increased by 6.9% and the median sale price increased by a whopping 8.3%. The only negative measurement in this report is home sales fell by 7.2%. However, this could be a result of the low inventory. Inventory for the month fell by 16.6%. Please note all these stats above are a year-over-year comparison.
Housing Inventory In Albuquerque NM
The inventory of homes for sale in the Albuquerque NM metro area declined to 2,562 homes in December 2018 which is a decline of 16.6 percent compared to December 2017.
Albuquerque Housing Prices Albuquerque
Metro area median home prices increased by 8.3 percent to $209,950 in December 2018. The year-to-date median home price in Albuquerque NM is $204,900 which is an increase of 4.9 percent compared to 2017.
The average home price in Albuquerque increased to $246,348 in December 2018 which is an increase of 6.9 percent over December 2017 compared to 2017. The year-to-date average home price in Albuquerque NM is $240,479 which is an increase of 2.9 percent compared to 2017.
Albuquerque Real Estate Days On Market
Days on market are defined as the number of days from the time the home is placed on the market until the day the home is placed in the pending status (seller has accepted an offer). The days on market in December 2018 decreased to 53 days which is a decrease of 1.9% percent compared to December 2017. The days on market year to date as of December 2018 decreased to 45 days which is a decrease of 8.2 percent compared to the year to date as of December 2017.
Real Estate Sales In Albuquerque NM
The number of homes that sold in December 2018 was 845 which is a decrease of 7.2 percent compared to December 2017. The number of homes that sold year to date as of December 2018 is 12,235 which is an increase of 4.1 percent compared to December 2017.
Pending sales are defined as the seller has accepted an offer from a buyer and the home is taken off the market. The number of homes that went into pending in December 2018 is 912 which is an increase of 17.1 percent compared to December 2017. The number of homes that went into pending year-to-date as of December 2018 is 11,757 which is an increase of 6.6% percent compared to the year-to-date as of December 2017.
Albuquerque NM Absorption Rate
The absorption rate is defined as the number of months it would take to sell the current inventory if the number of homes sold continued. A lower number means the market is tight and homes are selling fast. The absorption rate in Albuquerque for December 2018 was 2.5 which is a decrease of 21.9 percent compared to December 2017.
Myers & Myers Real Estate is the Albuquerque real estate expert headquartered in Albuquerque New Mexico. We are a full-service real estate brokerage and we help home buyers and sellers in the Albuquerque Metro area.
All data comes from the Greater Albuquerque Association of Realtors monthly real estate market overview.
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