photo Todd Clarke
NEWS
Albuquerque Home Prices Decrease, Inventory Increases in September
Home prices in the Albuquerque residential market continued on a trend of decline in September, according to the latest Greater Albuquerque Association of Realtors report.
The median sale price for a home in Albuquerque was $359,000 in September, according to the report. Compared to August, when the median sale price was $361,000, September prices decreased by just 0.55%. Compared to September 2023, the median sale price decreased 1.14% in September 2024.
Meanwhile, the inventory of homes in Albuquerque has grown from the beginning of the year, with significant growth from 2023. Inventory increased by 23.97% in September 2024 compared to September 2023.
Among other benchmarks contained in GAAR’s September report on single-family home sales in the Albuquerque residential market:
- New listings in the Albuquerque residential market increased 7.91% — to 1,010 listings — in September 2024 when compared to the previous year. This figure often follows seasonal patterns.
- Pending sales in the Albuquerque residential market increased 26.17% — to 834 sales — in September 2024 when compared to the previous year. This figure often follows seasonal patterns.
- Closed sales in the Albuquerque residential market decreased 9.59% — to 698 sales — in September 2024 when compared to the previous year. This figure often follows seasonal patterns.
- The inventory of single-family homes for sale in the Albuquerque residential market increased 23.97% — to 1,841 homes — in September 2024 when compared to the previous year.
- Days on the market in the Albuquerque residential market increased 10% — to 33 days — in September 2024 when compared to the previous year.
- The median sales price for a single-family home in the Albuquerque residential market decreased 1.14% — to $359,000 — in September 2024 when compared to the previous year.
- The percent of list price received in the Albuquerque residential market decreased 0.4% — to 0.987 — in September 2024 when compared to the previous year. The percent of list price is calculated by dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month. The figure does not take into account seller concessions.
- The absorption rate in the Albuquerque residential market — essentially equal to the number of listings available to sell in a month — increased 38.89% — to 2.5 — in September 2024 when compared to the previous year. A relatively lower figure means homes are selling fast. A relatively higher figure means homes sell slower.
Portions of this story were automatically generated by a computer application that analyzes data made available by the Greater Albuquerque Association of Realtors. Albuquerque Business First data reporter Jayme Sileo reviews the data and text before publishing.
Source: “Albuquerque Home Prices Decrease, Inventory Increases in September“