Albuquerque, NM (July 21, 2021) – Home sales activity for detached homes in the Greater Albuquerque housing market in the second quarter 2021 had 3,559 sales representing a 17.42 percent increase when compared to 2nd quarter 2020.
The Median Sale Price for detached homes increased to $290,500, a 23.1 percent increase from 2020. The Average Sale Price also rose 22.9 percent to $334,579. The Average Days on Market until a home sold was 14 days, spending 51.72 percent less time on the market than 2nd quarter 2020. New Listing activity showed a 8.7 percent increase from the prior year with 4,483 homes entering the market during the quarter.
Townhome and condo sales totaled 394 units, an increase of 16.6 percent when compared to the 2nd quarter 2020. The Median Sale Price for townhomes and condos saw an increase of 25.8 percent to $210,000, while the Average Sale Price increased 25.6 percent to $218,685. Townhomes and condos for the Greater Albuquerque area sold on average in 12 days, 60.0 percent faster than the previous year.
The GAAR quarterly reports also give an opportunity to look at the sales activity in individual areas and cities within the Greater Albuquerque market. The City of Albuquerque showed an Average Sale Price of $330,732, an increase of 22.4 percent from the same time last year. The City of Rio Rancho ended the quarter with an Average Sale Price of $307,234, a 21.62 percent increase. The East Mountains and Estancia Basin had an average sale price of $400,397, an 29.33 percent increase, and Valencia County increased to $246,688, a 13.11 percent increase.
“Residential real estate continues to experience a nationwide trend of increasing median and average sales prices due to buyer demand,” said Belinda Franco, 2021 President of the Greater Albuquerque Association of REALTORS®. “New listings are outpacing sales, so inventory is increasing and the market is leveling off, but strong demand will continue to keep prices high.”
Leave a Reply