Housing Market In Albuquerque NM March 2019

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

Albuquerque Housing Market March 2019

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 the month of March.  Home prices were very strong, average sale price increase by 7.1% and the median sale price increased by a solid 4.4%.  Inventory declined by 24.8%. This is a great market if you are selling a home. Buyers are having a tough time finding the right home at the right price.  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 2,075 homes in March 2019 which is a decline of 27.3 percent compared to March 2018.

Albuquerque Housing Prices

Albuquerque Metro area median home prices increased by 7.6 percent to $213,000 in March 2019. The year to date median home price in Albuquerque NM is $205,000 which is an increase of 5.4 percent compared to 2018.

The average home price in Albuquerque increased to $248,770 in March 2019 which is an increase of 2.9 percent over March 2018. The year to date average home price in Albuquerque NM is $247,507 which is an increase of 7.3 percent compared to 2018.

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 March 2019 decreased to 50 days which is a decrease of 3.8 percent compared to March 2018. The days on market year to date as of March 2019 decreased to 51 days which is a decrease of 5.6 percent compared to year to date as of March 2018.

Real Estate Sales In Albuquerque NM

The number of homes that sold in the month of March 2019 was 972 which is a decrease of 8.6 percent compared to March 2018. The number of homes that sold year to date as of March 2019 is 2,460 which is a decrease of .8 percent compared to March 2018.

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 March 2019 is 1,359 which is an increase of 13.8 percent compared to March 2018. The number of homes that went into pending year to date as of March 2019 is 3,238 which is an increase of 6.0 percent compared to year to date as of March 2018.

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 March 2019 was 2.0 which is a decrease of 31 percent compared to March 2018.

Myers & Myers Real Estate is the Albuquerque real estate market 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. 

All data comes from the Greater Albuquerque Association of Realtors

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New Mexico Bernalillo County Albuquerque
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albuquerque housing market
albuquerque real estate market
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albuquerque home prices
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