Home Prices gain in 2020 as low inventory fuels demand
Albuquerque, NM (February 1, 2021) – Despite a pandemic, REALTORS® saw a record year in Single-Family Detached home sales in 2020, with the number of sales increasing 6.1 percent over 2019 numbers. The high demand and low inventory again saw improvements in the Median Sales Price from $224,000 to $248,000, a 10.7 percent increase over the previous year, while the Average Sales Price increased 10.1 percent from $260,751 to $287,144.
Condos/townhomes that sold in the Greater Albuquerque market were also up 9.8 percent with 1,400 reported for the year. The Average Sales Price for condos/townhomes rose 7.6 percent from the prior year to $184,306, while the Median Sales Price rose 8.7 percent to $174,950.
In 2020 most homes were sold within the first sixty days of being on the market, with 73 percent selling within 30 days of being listed in the Southwest Multiple Listing Service and only 15 percent going longer than 60 days. Historically low inventory and a shortage of available homes for buyers was a common element in 2020, finishing the year with only 950 Single-Family homes for sale.
“The market data shows us that 2020 was a year of rising home prices coupled with significant reductions in available homes for sale,” said Belinda Franco, 2021 President of the Greater Albuquerque Association of REALTORS®. She added, “Low-interest rates and buyer demand fueled a fast-paced year for pending sales and closings.”
To see the full report for 2020 annual market statistics, go to the GAAR.com Market Statistics section.