ABQ home market still hot, but more homes are up for sale - Albuquerque Journal

ABQ home market still hot, but more homes are up for sale

Framers work on a new home under construction in the Mesa del Sol subdivision. April 22. (Jim Thompson/Albuquerque Journal)

Albuquerque home prices continued their meteoric rise in April, but an uptick in new listings may be a cause for optimism for potential buyers.

The median sales price for a detached single-single family home in Albuquerque hit $283,375 in April, a jump of more than 20% since April 2020, according to monthly figures from the Greater Albuquerque Association of Realtors. The mean sales price in April hit $328,768, up $21.4% over the same period.

A key factor driving the recent home price growth has been a persistent lack of inventory, as more buyers have competed for fewer available homes. In April, however, the number of new single-family listings in metro Albuquerque increased 22.5% compared to last April, the first month in 2021 GAAR statistics have shown a year-over-year increase in listings.

GAAR president Belinda Franco said the COVID-19 pandemic played a factor in the year-over-year comparison in April, as homeowners were reluctant to sell their houses at the beginning of the pandemic, except in emergencies.

“If they didn’t have an immediate need to sell, they decided not to,” Franco said.

However, Franco added that she’s started to see an uptick in the number of homes on the market recently. Some sellers may be looking to take advantage of the high prices, while others may just be looking for a change after spending a lot of time in their homes during the pandemic.

“Being holed up in their home for this last year, made them realize ‘OK, maybe I need a change,'” Franco said.

Overall, Albuquerque’s hot housing market didn’t show any signs of cooling down in April. The number of pending sales increased 41.1% year-over-year, and the number of closed sales increased 14.2%.

Despite the new listings, the total inventory of homes dropped by more than 64%, and the average number of days a home spent on the market dropped from 33 to 16 days, according to GAAR.

“It’s definitely still a seller’s market,” Franco said.

Heading into the summer months, Franco said she’s optimistic that sellers will continue putting homes on the market. Thanks in part to low interest rates, however, Franco said she expects home prices to stay high for the foreseeable future.

“I’m hoping we’ll level out,” Franco said. “… Because it definitely is a challenge for those buyers to lose out on so many homes.”

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