The median sale price for homes in the La Cueva High School zone boundary increased $95,000 for the months between December 2019 and February 2020 to December 2021 and February 2022, according to statistics provided by the Greater Albuquerque Association of REALTORS®.
The number of homes sold for the December 2019 to February 2020 time period was 171, with the median sale price at $375,000. For the December 2021 to February 2022 period, the number of homes sold was 137, with the median sale price at $480,000.
For comparison, the median sale price for single-family detached homes in the greater Albuquerque area was $310,000 for the month of January 2022 and $222,500 for the same month of 2020, according to GAAR’s January 2022 Market Statistics report. In the same report, the average number of days on the market for homes in the greater Albuquerque area is shown to have decreased from 45 in January 2020 to 21 for January 2022, with new listings also trending downward from 1,117 for January 2020 to 910 for January 2022.
La Cueva High School area homes showed a similar pattern, with the average number of days on the market decreasing from 47 for the December 2019 to February 2020 period, to 24 days for the December 2021 to February 2022 period. A further breakdown of the data indicates more homes were sold at the intersection of the La Cueva School zone and the Far Northeast Heights compared to homes at the intersection of the same school zone and Albuquerque Acres West, North Albuquerque Acres, and Sandia Heights’ zones. The Far Northeast Heights zone includes homes in the Sandia and Eldorado High School area boundaries.
The median sale price for homes in the North Albuquerque Acres zone was higher than other zones that data was provided for, including the larger La Cueva High School area boundaries for the same time period over the last three years. Eighteen homes were sold in the North Albuquerque Acres zone for the December 2021 to February 2022 period, with the median sale price coming in at $774,000. The median price per square foot was higher for the Sandia Heights’ zone compared to other zones during the same time period, bringing in $238.21 per square foot among the 18 homes sold.
Also trending upward from previous years is the average sale price to list price ratio, with the La Cueva High School Zone ratio being at 101 percent for December 2021 to February 2022, and 98 percent for the December 2019 to February 2020 periods.
When looking at the data from a broader perspective it suggests that when supply is low and demand high, home prices increase, throwing buyers into bidding wars and sellers walking away with a greater chunk of cash. For more data and statistics on the Albuquerque real estate market, visit www.gaar.com/market-statistics.