May 2018 Albuquerque NM Housing Market Statistics

Written by Posted On Friday, 13 July 2018 12:57

Albuquerque New Mexico Real Estate Statistics May 2018

I am always asked how is the Albuquerque real estate market.  Well that all depends on whether you are buying or selling a home.  The housing market in Albuquerque is great if you own a home or are selling a home.  This is a really difficult real estate market if you are buying a home. The combination of rising prices, rising interest rates, and low inventory is causing the housing affordability index to decline to126 in May 2018, this is a 8.7 percent from May 2017.

Albuquerque Housing Inventory

The inventory of homes for sale in Albuquerque metro area declined to 3,035 homes in May 2018 which is a decline of 17.7 percent compared to May 2017.

Albuquerque NM Housing Prices

Albuquerque Metro area median home prices increased by 5.1 percent to $210,000 in May 2018. The year to date median home price in Albuquerque NM is $200,000 which is an increase of 4.4 percent compared to 2017.

The average home price in Albuquerque increased to $239,281 in May 2018 which is an increase of 1.6 percent over May 2017. The year to date average home price in Albuquerque NM is $235,161 which is an increase of 2.9 percent compared to 2017.

Days On Market Albuquerque NM

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 2018 decreased to 40 days which is a decrease of 9.1 percent compared to May 2017. The days on market year to date as of May 2018 decreased to 50 days which is a decrease of 7.4 percent compared to year to date as of May 2017.

Albuquerque NM Home Sales

The number of homes that sold in the month of May 2018 was 1200 which is a decrease of 2.4 percent compared to May 2017. The number of homes that sold year to date as of May 2018 is 4,834 which is an increase of 5.7 percent compared to May 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 May 2018 is 1,373 which is an increase of 21.6 percent compared to May 2017. The number of homes that went into pending year to date as of May 2018 is 5,764 which is an increase of 10.9% percent compared to year to date as of May 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 May 2018 was 3.0 which is a decline of 23.1 percent compared to May 2017.

Myers & Myers Real Estate is the 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 Corrales NM.

All data comes from the Greater Albuquerque Association of Realtors monthly real estate market overview,

Rate this item
(0 votes)
John Myers

Myers & Myers Real Estate  is a full sevice residential real estate brokerate headquartered in Albuquerque New Mexico.

The foundation of our business is excellent customer service and our extensive expertise in our real estate market.

We specialiize in helping buyers and sellers of Albuquerque real estate, Rio Rancho real estate, Corrales real estate and real estate in Valencia County

We beleive the most important decision you make in real estate is to chose the best real estate agent for you to achieve your real estate goals.  You should always find out how much experience your real estate agent has.  We are not talking about how long they have been a real estate agent.  How many homes a real estate agents closes on an annyal basis is the real indicator of experience.

Buying or selling a home is a huge financial decision and you need someone with experience on your side.

If you are buying a home Myers & Myers Real Estate agents have three goals, help you find the right home, make sure you don't pay too much for your home, and make sure you don't miss out on any homes on the market that meet your needs.

We can also help you find the financing option that is best for you and your goals.  New Mexico has a great program for fist time home buyers, you can buy a home for a down payment of $500.  You must qualify for the first time home buyers program.  Maybe you qualify for a Veterans Administration Loan.  Perhaps an FHA loan with a down payment of only 3.5 percent of the sales price.

If you are selling a home Myers & Myers real estate agents have three goals, get your home sold and get you where you want to be on time, put you in the strongest negotiating position as possible, and make the process as stress free as possible.  We utilitze cutting edge real estate marketing tools to expose your property to the most potential buyers as possible.

Our website has EVERY home for sale in the Albuquerque Metro multiple listng service.  Our website is updated daily so you can be assured the data is highly accurate.  This is the only website you will need to help you in the home buying process.

Call Myers & Myers Real Estate Today at 505 401-7500 if you are thinking of buying or selling a home in the Albuquerque New Mexico Metro area.

 

 

 

myersandmyersrealestate.com/

Search by State:

Agent Resource

How to capture your next prospect - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.