Albuquerque Housing Market May 2020
Corona virus is having a huge impact on real estate market in Albuquerque NM. The number of homes sold in May is down 28.5%, however, inventory is down 42.8%. With inventory down so much, it is no surprise home sales declined. 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 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 23.8%, I expect to see home sales increase because of this increase in pending sales.
This is going to be a sellers’ market as inventory is low. This won’t change until home owners feel safe about 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 shutdown. The longer the state is shut down, it becomes more likely we will see significant damage to the housing market.
Albuquerque Housing Prices
Albuquerque Metro area median home prices increased by .9 percent to $230,000 in May 2020. The year to date median home price in Albuquerque NM is $230,000 which is an increase of 7.0 percent compared to 2019.
The average home price in Albuquerque increased to $263,915 in May 2020 which is a decrease of .9 percent over May 2019. The year to date average home price in Albuquerque NM is $267,054 which is an increase of 4.6 percent compared to 2019.
Real Estate Sales In Albuquerque NM
The number of homes that sold in the month of May 2020 was 921 which is a decrease of 28.5 percent compared to May 2019. The number of homes that sold year to date as of May 2020 is 4,468 which is a decrease of 8.8 percent compared to May 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 May 2020 is 1,438 which is an increase of 23.8% percent compared to May 2019. The number of homes that went into pending year to date as of May 2020 is 5,453 which is a decrease of .2 percent compared to year to date as of May 2019.
Housing Inventory In Albuquerque NM
The inventory of homes for sale in the Albuquerque NM metro area declined to 1,432 homes in May 2020 which is a decline of 11 percent compared to May 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 May 2020 decreased to 23 days which is a decrease of 30.3% percent compared to May 2019. The days on market year to date as of May 2020 decreased to 36 days which is a decrease of 18.2 percent compared to year to date as of May 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 May 2020 was 1.4 which is a decrease of 46.2 percent compared to May 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.