December 2019 Market Statistics

Do you like to keep an eye on the real estate market?  Here are the highlights of December 2019 from the Greater Albuquerque Association of Realtors:

(highlights are a comparison between December 2018 and December 2019)

• the median detached home price rose 7.6% to $226,000
• the average detached home price rose 6.9% to $264,617
• overall inventory of detached homes for sale decreased 37% to 1,749
• the number of closed sales for detached homes increased 16.7% to 966
• The number of detached homes going under contract rose 16.3% to 791
• The absorption rate is about 1.7 months of homes on the market.

In 2019, home prices were up again in most markets.  Buyer demand continued to be strong, with low mortgage rates, low unemployment and continued wage growth, and home buyer activity is expected to remain healthy into the new year.  

Let me know if you would like a market analysis of your home and neighborhood!

Joe Brooks

505 977 3474