Both the inventory and sales price for a single-family home in metro Albuquerque saw a decline this fall, according to a new industry survey.
The Greater Albuquerque Association of Realtors is reporting that the median sales price for a single-family home stood at just under $293,000 in October, a drop of nearly $13,000 over earlier this summer.
In October 2020, the average price was at $286,000 exactly.
Meanwhile, single-family inventory in October dropped by nearly 14% over last October, with 890 single-family homes on the market, compared with 1,537 the year before.
In many ways, the latest survey presents a conflicting take on current real estate market conditions, with pending sales showing an increase of 1.5% over last year, while closed sales were down by about 6%.
The survey also indicates that would-be homebuyers may increasingly be in a mood to make quicker purchase decisions, with the average days on the Albuquerque market for any given property decreasing from 17 last year to 14 in October.
In a narrative accompanying the survey, which was compiled with data from the Southwest Multiple Listing Service, it was noted that with interest rates at long last, if somewhat slowly, on the rise, “motivated buyers are hoping to lock in their home purchases to take advantage of what are still low rates.”
By Garry Boulard
