Albuquerque Housing Market June 2020
June's real estate market in Albuquerque is a little bit more normal. However, inventory is down by 55.2% compared to June last year. The number of homes sold in June is up 1.2%. With inventory so low, it is no surprise home sales increased by only 1.2% It is very difficult to purchase a home for $350,000 or less. There are multiple offers and these homes are selling in a few days. Homeowners in the $200,000 price range are receiving 5 or more offers in the first 24 hours. Now is a great time to sell if you own a home valued under $350,000. The number of pending sales increased by 34.3%, I expect to see home sales increase because of this increase in pending sales.
This is going to remain a sellers’ market as inventory is low. This won’t change until homeowners feel safe putting their homes on the market.
I am asked all the time, what is the impact of the coronavirus on the real estate market? It is too soon to understand the long-term impact of the coronavirus on the real estate market. Much of the impact will be determined by the length of the shutdowns. The longer the state is shut down, becomes more likely we will see significant damage to the housing market.
Housing Inventory In Albuquerque NM
Here is the main headline for June, The inventory of homes for sale in the Albuquerque NM metro area declined to 1,242 homes in June 2020 which is a decline of 55.2 percent compared to June 2019.
New Listings Of Houses In Albuquerque NM
The number of new listings in June was 1,433, this is a decrease of 15 percent compared to June 2019.
The number of new listings year to date in June 2020 is 7,743, this is a decrease of 10.9 percent compared to June 2019.
Albuquerque Median & Average Housing Prices
Albuquerque Metro area median home prices increased by 3.4 percent to $243,000 in June 2020. The year-to-date median home price in Albuquerque NM is $234,990 which is an increase of 7.3 percent compared to 2019.
The average home price in Albuquerque increased to $280,158 in June 2020 which is an increase of 3.3 percent over June 2019. The year-to-date average home price in Albuquerque NM is $269,711 which is an increase of 4.4 percent compared to 2019.
Real Estate Sales In Albuquerque NM
The number of homes sold in June 2020 was 1,138 which is an increase of 1.2 percent compared to June 2019. The number of homes that sold year to date as of June 2020 is 5,607 which is a decrease of 6.9 percent compared to June 2019.
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 June 2020 is 1,590 which is an increase of 34.3 percent compared to June 2019. The number of homes that went into pending year-to-date as of June 2020 is 6,905 which is an increase of 3.9 percent compared to the year-to-date as of June 2019.
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 June 2020 decreased to 30 days which is a decrease of 11.8 percent compared to June 2019. The days on the market year to date as of June 2020 decreased to 35 days which is a decrease of 16.7 percent compared to the year to date as of June 2019.
Albuquerque NM Housing 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 June 2020 was 1.2 which is a decrease of 55.6 percent compared to June 2019.
Myers & Myers Real Estate is the Albuquerque real estate market 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. We can also help you find,
All data comes from the Greater Albuquerque Association of Realtors and is for single-family detached homes in the Albuquerque metro area.