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Learn More About Sell My House for Cash Albuquerque New Mexico

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Albuquerque Real Estate Market at Record Levels High and Low

In Albuquerque, New Mexico (N.M.), the average sale price for a single-family home has shattered records as the number of homes on the market rapidly decreases to an incredibly low level! According to the Greater Albuquerque Association of Realtors, in February 2022, houses on average cost an unprecedented $367,566; meanwhile, their median sale price reached a new record high at $315,000. Most impressively though was that between one year and the next both averages remarkably rose by 18%. “It’s the highest that I’ve seen it,” GAAR president Bridget Gilbert said. February marked a never-before seen low in the number of single-family homes for sale in Albuquerque, with 540 listings reported. This is an unbelievably sharp decrease from last year - nearly 40%! In fact, this sets a new record for all time lowest inventory levels; even surpassing those set way back in December 2021. Gilbert explained that data prior to 2008 may be inconclusive due to unavailability of records prior to then Steve Duran, a real estate agent from eXp Realty, shared that the development of new homes is stagnating due to supply chain issues prolonging timelines. “There’s more buyers and they can’t build them fast enough,” Duran said. Albuquerque has rapidly become an ideal destination for remote workers, retirees and investors - largely due to real estate prices that are still below the national average. Buyers have reportedly paid 25% more than list price in order to secure their desired properties - such is the high demand! Indeed, Albuquerque appears be a true hidden gem on today's market with much potential for those seeking real estate opportunities. As per a report released by GAAR, single-family homes are being bought within an average of only 16 days – 10 days less than the same period last year! This speedy absorption rate (calculated as the ratio between available housing and pending sales for the previous 12 months) stands at 0.5, meaning that sellers remain in control of this market. “This figure truly underscores the housing shortage we are experiencing,” Gilbert said. Despite the regular dip in winter real estate activity, both property buyers and sellers are still enjoying great success this season. Duran and Gilbert predict that this trend will remain steady through 2021's year-end. “The way it looks right now, it’s just going to keep getting hotter and hotter,” Duran said. Copyright 2022 The Associated Press. All rights reserved: any unauthorized reproduction or distribution of this material will be subject to legal consequences and is strictly prohibited.

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Cash For Houses Albuquerque New Mexico

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