Albuquerque Real Estate Market Statistics November 2018

By
Real Estate Agent with Myers & Myers Real Estate, Inc 19085

Albuquerque Housing Market November 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?  The housing market in Albuquerque is moving from a sellers’ market to a buyers’ market.  The Federal Reserve raised interest rates again on December 19, 2018. Novmber was a very strong month in the Albuquerque real estate market.

 

Albuquerque Housing Prices

The average home price in Albuquerque increased to $247,168 in November 2018 which is an increase of 4.1 percent over November 2017 compared to 2017. The year to date average home price in Albuquerque NM is $240,010 which is an increase of 2.6 percent compared to 2017.

 

Albuquerque Metro area median home prices increased by 3.6 percent to $207,000 in November 2018. The year to date median home price in Albuquerque NM is $204,000 which is an increase of 4.1 percent compared to 2017.

 

Albuquerque Real Estate Days On Market

Days on market is 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 November 2018 decreased to 45 days which is a decrease of 11.8% percent compared to November 2017. The days on market year to date as of November 2018 decreased to 45 days which is a decrease of 8.2 percent compared to year to date as of November 2017.

Housing Inventory In Albuquerque NM

The inventory of homes for sale in the Albuquerque NM  metro area declined to 2,939 homes in November 2018 which is a decline of 15.5 percent compared to November 2017.

Real Estate Sales In Albuquerque NM

The number of homes that sold in the month of November 2018 was 896 which is an increase of 7.3 percent compared to November 2017. The number of homes that sold year to date as of November 2018 is 11,382 which is an increase of 5.0 percent compared to November 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 November 2018 is 912 which is an increase of 17.1 percent compared to November 2017. The number of homes that went into pending year to date as of November 2018 is 11,757 which is an increase of 6.6% percent compared to year to date as of November 2017.

Albuquerque NM Absorption Rate

The absorption rate is defined as the number of months it would take to sell the currently 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 November 2018 was 2.8 which is a decrease of 22.2 percent compared to November 2017.

Myers & Myers Real Estate is the Albuquerque real estate experts 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.  We also help home sellers, check out the homes for sale in Ventana Ranch.

All data comes from the Greater Albuquerque Association of Realtors monthly real estate market overview.

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Rainmaker
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Kin Tsui
EMC Long Island Realty - Massapequa Park, NY

Very informative

Dec 20, 2018 03:28 PM #1
Rainmaker
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Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR,CNE,CRS,ePro,PSA,RENE,SRS

Thank you for keeping us posted and up to date. Best of luck!

Dec 20, 2018 04:31 PM #2
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