There were more real estate listings and buyer showings in the Northeast Heights Southwest Multiple Listing Service area than any other part of Albuquerque for the month of October.
The Greater Albuquerque Association of REALOTRS® ShowingTime Showings Report for October 2022 lists the Northeast Heights, SWMLS Area 50, as having a total of 1,207 showings and 141 listings for the month. Buyer interest was also high, with 8.6 showings per listing.
The Far Northeast Heights, SWMLS Area 30, had the greatest buyer interest with 9.4 showings per listing, and a total of 888 showings and 94 listings in October. According to GAAR’s October monthly indicators report, new listings decreased in the greater Albuquerque area by 22.8% for single-family attached homes and 25.4% for single-family detached homes since October 2021.
The median sales price of single-family detached homes increased 14.4% from October 2021 to $335,000 in October 2022. The median sales price for single-family attached homes increased 5% to $229,000.
Despite new listings decreasing overall since last year, in the Northeast Heights there was a 40% year-over-year increase and a 2.7% month-over-month increase in managed listings for homes $275,000 or more. For the same area there was 491 total showings for homes $275,000 or more, a 23.6% year-over-year decrease but a 3.8% month-over-month increase.
In the Far Northeast Heights SWMLS area, there were 826 showings in October for homes $275,000 or more, a 3.3% year-over-year and 2.1% month-over-month decrease. Last month there were 87 managed listings for homes $275,000 or more in the Far Northeast Heights, a 19.2% year-over-year increase but a 6.5% month-over-month decrease.
The Far Northeast Heights saw the greatest number of showings for homes $275,000 or more in March 2022, with more than 1,000 showings that month. In the month of April, showings in the Northeast Heights for homes $275,000 were at their highest for the year, also above 1,000 for the month.
According to GAAR’s monthly indicator report, “Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.” The report says mortgage rates have doubled since March and home prices are high due to a limited supply, continuing to make affordability an issue for buyers.
“In October, we saw local home prices and inventory fall slightly as the market continues to stabilize,” GAAR President Bridget Gilbert said in a Nov. 10 press release. “In addition, as the weather starts to cool, we typically see a decrease of homes on the market.”
To see the full report, visit GAAR’s Market Statistics webpage. Learn more about each SWMLS area by clicking on the shaded areas in the map below.