Home prices in Albuquerque continued their meteoric rise in April, but a slight increase in new listings may be a source of optimism for potential buyers.
The median selling price of a detached single-family home in Albuquerque hit $ 283,375 in April, a jump of more than 20% from April 2020, according to monthly figures from the Greater Albuquerque Association of Realtors. The average selling price in April reached $ 328,768, up 21.4% over the same period.
A key driver of recent home price growth has been a persistent shortage of inventory as more buyers have competed for fewer available homes. In April, however, the number of new single-family listings in the metro Albuquerque area rose 22.5% from last April, the first month of 2021, GAAR statistics showed a year-over-year increase in listings. on the other.
GAAR President Belinda Franco said the COVID-19 pandemic played a role in the year-over-year comparison in April as homeowners were reluctant to sell their homes at the start of the pandemic , except in an emergency.
âIf they didn’t have an immediate need to sell, they decided not to,â Franco said.
However, Franco added that she has recently started to see a slight increase in the number of homes on the market. 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 at home during the pandemic.
âBeing locked in their house last year made them realize ‘Okay, maybe I need a change,’â Franco said.
Overall, Albuquerque’s vibrant real estate market showed no signs of slowing down in April. The number of pending sales increased 41.1% year-on-year and the number of closed sales increased 14.2%.
Despite the new listings, the total home inventory fell more than 64% and the average number of days a home spent on the market fell from 33 to 16 days, according to GAAR.
âIt’s definitely still a seller’s market,â Franco said.
As the summer months approach, Franco said she was optimistic that sellers would continue to put homes on the market. However, thanks in part to low interest rates, Franco said she expects home prices to remain high for the foreseeable future.
âI hope we will stabilize,â Franco said. “….