Albuquerque Real Estate Market Statistics August 2020

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

Albuquerque Housing Market August 2020

Albuquerque real estate market experienced huge increases in home prices, average home price is up 15.8 percent, and median home prices increased by 14.2 percent.  This is the direct result of low inventory and strong demand to purchase homes.  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 32.1 percent, I expect to see home sales increase in September 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 government shutdowns. The longer the economy is shut down, it becomes more likely we will see significant damage to the housing market.  Who knows, only time will tell.

Albuquerque Median & Average Housing Prices

This is the screaming headline for August, Albuquerque Metro area median home prices increased by 14.2 percent to $259,315 in August 2020. The year to date median home price in Albuquerque NM is $240,000 which is an increase of 8.3 percent compared to 2019.

The average home price in Albuquerque increased to $299,444 in August 2020 which is an increase of 15.8 percent over August 2019. The year to date average home price in Albuquerque NM is $277,730 which is an increase of 7.2 percent compared to 2019.  Housing prices were very strong in August 2020.

Real Estate Sales In Albuquerque NM

The number of homes that sold in the month of August 2020 was 1,265 which is an increase of 1.4 percent compared to August 2019. The number of homes that sold year to date as of August 2020 is 8,362 which is a decrease of 1.3 percent compared to August 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 August 2020 is 1,481 which is an increase of 32.1 percent compared to August 2019. The number of homes that went into pending year to date as of August 2020 is 9,546 which is an increase of 6.0 percent compared to year to date as of August 2019.

Housing Inventory In Albuquerque NM

The inventory of homes for sale in the Albuquerque NM metro area declined to 1,188 homes in August 2020 which is a decline of 57.2 percent compared to August 2019.                                                                                        

New Listings Of Houses In Albuquerque NM

The number of new listings in August was 1,405, this is a decrease of 7.4 percent compared to August 2019.

The number of new listings year to date August 2020 is 10,732, this is a decrease of 8.9 percent compared to August 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 August 2020 decreased to 26 days which is a decrease of 23.5 percent compared to August 2019. The days on market year to date as of August 2020 decreased to 32 days which is a decrease of 20 percent compared to year to date as of August 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 at it’s current rate. A lower number means the market is tight and homes are selling fast. The absorption rate in Albuquerque for August 2020 was 1.1 which is a decrease of 59.3 percent compared to August 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 (0)

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?