Albuquerque Real Estate Market September 2018
Albuquerque Real Estate Market September 2018
I am always asked how the real estate market in Albuquerque New Mexico is performing. I always ask this question before answering, are you buying or selling?. The housing market in Albuquerque is great if you own a home or are selling a home. Interest rates are having a negative impact on the real estate Market In Albuquerque. The median home price decreased slightly year over year.
Housing Inventory In Albuquerque NM
The inventory of homes for sale in the Albuquerque NM metro area declined to 3,298 homes in September 2018 which is a decline of 15.8 percent compared to September 2017.
Albuquerque Housing Prices
Albuquerque Metro area median home prices decreased by .5 percent to $199,990 in September 2018. The year to date median home price in Albuquerque NM is $204,900 which is an increase of 5.1 percent compared to 2017.
The average home price in Albuquerque increased to $239,282 in September 2018 which is an increase of 1.7 percent over September 2017 compared to 2017. The year to date average home price in Albuquerque NM is $240,294 which is an increase of 2.9 percent compared to 2017.
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 September 2018 decreased to 40 days which is a decrease of 7.1% percent compared to September 2017. The days on market year to date as of September 2018 decreased to 45 days which is a decrease of 8.2 percent compared to year to date as of September 2017.
Real Estate Sales In Albuquerque NM
The number of homes that sold in the month of September 2018 was 1031 which is a increase of 3.1 percent compared to September 2017. The number of homes that sold year to date as of September 2018 is 9,462 which is an increase of 4.9 percent compared to September 2017.
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 September 2018 is 1,037 which is an increase of 22.1 percent compared to September 2017. The number of homes that went into pending year to date as of September 2018 is 10,005 which is an increase of 7.5% percent compared to year to date as of September 2017.
Albuquerque NM Absorption Rate
The absorption rate is defined as the number of months it would take to sell the currently 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 September 2018 was 3.2 which is a decrease of 22 percent compared to September 2017.
Myers & Myers Real Estate is the Albuquerque real estate 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. We also help home sellers and home buyers in Rio Rancho.
All data comes from the Greater Albuquerque Association of Realtors monthly real estate market overview,
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