By MATTHEW NARVAIZ, Albuquerque Journal
ALBUQUERQUE, N.M. (AP) — The typical sale worth for a single-family indifferent dwelling hit an all-time excessive in Albuquerque, whereas the stock of houses hit a historic low.
In response to a February 2022 report from the Better Albuquerque Affiliation of Realtors, the common dwelling worth stood at $367,566. The median sale worth was $315,000 – tying the report set in December. Each averages confirmed an 18% improve yr over yr.
“It’s the best that I’ve seen it,” GAAR president Bridget Gilbert mentioned.
Furthermore, Albuquerque’s stock of single-family houses on the market reached a record-low of 540 in February, in response to the report. That’s a lower of practically 40% yr over yr. And it breaks the earlier report set in December 2021.
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The report numbers return so far as 2008, Gilbert mentioned. Information going again additional wasn’t instantly obtainable.
New dwelling builds have additionally slowed with provide chain points hampering timelines, mentioned Steve Duran, an area actual property agent with eXp Realty.
“There’s extra patrons they usually can’t construct them quick sufficient,” Duran mentioned.
Duran mentioned an inflow of distant employees, retirees and buyers have recognized Albuquerque as a “hidden gem” with dwelling costs nonetheless decrease than the nationwide common. The market is so scorching that patrons are paying as a lot as 25% over listing worth, Duran mentioned.
Single-family houses have on common spent 16 days in the marketplace earlier than patrons make a purchase order, in response to the GAAR report. That’s a lower of 10 days yr over yr. And the absorption fee – calculated utilizing the quantity of houses on the market on the finish of a given month divided by the common month-to-month pending gross sales from the final yr – at present sits at 0.5, displaying that the metro space stays a vendor’s market.
“This determine actually underscores the housing scarcity we’re experiencing,” Gilbert mentioned.
The market has remained scorching even in winter months when it’s usually a slower time for each patrons and sellers. Each Duran and Gilbert mentioned they count on the market to stay scorching by means of the top of the yr.
“The best way it seems to be proper now, it’s simply going to maintain getting hotter and warmer,” Duran mentioned.
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