The numbers keep going up for those looking to purchase a new home. The Greater Albuquerque Association of REALTORS® March market report indicates the median sales price for single-family homes jumped 19.8% since last March.
According to the GAAR report, the median sales price for a single-family home was $325,000 in March 2022. The median sales prices for condos and townhomes also increased, with a 22.6% jump from last year to $233,000.
Matt Ortiz, associate broker for Realty One, says the decrease in the housing inventory is increasing prices citywide. “Simple supply and demand are what is driving the prices of homes and the market right now,” Ortiz said.
The far Northeast Heights show similar trends, according to statistics from realtor.com. For March 2022, realtor.com shows the median listing home price for the Quintessence neighborhood to be $634,450. For the same neighborhood, the median listing home price in March 2021 was $519,000. According to the website, there are currently five homes for sale in the Quintessence neighborhood.
For comparison, the median listing home price in Heritage East increased from $413,500 in March 2021 to $450,000 in March 2022, according to realtor.com. The website says there are currently five homes for sale in the neighborhood.
According to the GAAR March monthly indicators report, the number of single-family detached homes on the market decreased from 1,978 in March 2020 to 523 in March 2022. That’s a 40.8% decrease from March 2021, when 883 single-family homes were on the market.
“In March, the Greater Albuquerque area experienced a significant jump in median sales price to $325,000, outpacing previous record-setting months by $10,000. New listings were up from the previous month, but demand continues to keep inventory low,” Bridget Gilbert, GAAR president, said in an April 11 press release.