Albuquerque Housing Statistics July 2020

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

Albuquerque Housing Market July 2020

July real estate market in Albuquerque has made a shift since June 2020.  Inventory is down by 53.7 percent compared to July last year. Average home prices are up 9.4% and median home prices are up 8.3%. The number of homes sold in July is up an astounding 22.6 percent. It is really surprising to see home sales surge with so little inventory.  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. Home owners in the $200,000 price range are receiving multiple 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 20.8 percent, I expect to see home sales increase in August because of this increase in pending sales.

This is going to remain a sellers’ market as inventory is low. This won’t change until home owners feel safe putting their home on the market.

I am asked all the time, what is the impact of the corona virus on the real estate market? It is too soon to understand the long term impact of the corona virus has 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, it becomes more likely we will see significant damage to the housing market.

Albuquerque Median & Average Housing Prices

Albuquerque Metro area median home prices increased by 8.3 percent to $243,000 in July 2020. The year to date median home price in Albuquerque NM is $238,450 which is an increase of 8.4 percent compared to 2019.

The average home price in Albuquerque increased to $289,677 in July 2020 which is an increase of 9.4 percent over July 2019. The year to date average home price in Albuquerque NM is $273,884 which is an increase of 5.6 percent compared to 2019. 

Housing Inventory In Albuquerque NM

The inventory of homes for sale in the Albuquerque NM metro area declined to 1,260 homes in July 2020 which is a decline of 53.7 percent compared to July 2019.                                                                                       

New Listings Of Houses In Albuquerque NM

The number of new listings in July was 1,550, this is a decrease of .8 percent compared to July 2019.

The number of new listings year to date July 2020 is 9,308, this is a decrease of 9.3 percent compared to July 2019.

Real Estate Sales In Albuquerque NM

The number of homes that sold in the month of July 2020 was 1,471 which is an increase of 22.6 percent compared to July 2019. The number of homes that sold year to date as of July 2020 is 7,092 which is a decrease of 1.8 percent compared to July 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 July 2020 is 1,495 which is an increase of 20.8 percent compared to July 2019. The number of homes that went into pending year to date as of July 2020 is 8,225 which is an increase of 4.3 percent compared to year to date as of July 2019.

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 July 2020 decreased to 26 days which is a decrease of 21.2 percent compared to July 2019. The days on market year to date as of July 2020 decreased to 33 days which is a decrease of 19.5 percent compared to year to date as of July 2019.

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 July 2020 was 1.2 which is a decrease of 55.6 percent compared to July 2019.

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 and is for single family detached homes in the Albuquerque metro area.

 

Comments (3)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

John Myers this is valuable information for both Buyers and Sellers in your area.

Sep 13, 2020 04:52 PM
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

Great up to date real estAte information for Albuquerque. Thank you so much John Myers 

Sep 13, 2020 07:18 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi John,  Thanks for sharing the market updates for Albuquerque.  Valuable information for buyers and sellers in your area.

Sep 13, 2020 08:41 PM

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