Even the spread of a pandemic failed to cool off Albuquerque's home price growth in March.
The Greater Albuquerque Association of Realtors' market statistics report for March, released Thursday, showed that the median sales price or a detached single-family home increased to $238,000, up from $230,000 in February and from $213,500 last March.
Likewise, the average sales price jumped more than 10% over last March, to $275,186 across the metropolitan area.
"I think anyone who is a seller right now is in a very strong position," said Sherry Fowler, president of the association.
The $238,000 median sales price is the highest since at least the start of the Great Recession, eclipsing the prior monthly high of $235,000 set last June.
Fowler said it was a testament to realtors' ability to adapt by turning to virtual open houses and showings in light of restrictions on large gatherings.
On the other hand, association CEO Kent Cravens said many of the sales completed were already underway before the spread of the new coronavirus was discovered in New Mexico.
"We really didn't start having problems until the middle of March," he said.
Consequently, Cravens said there's a chance that the April numbers could look noticeably different.
"I know there's people who have held off on listing their homes, because they're just unsure," Cravens said.
The number of homes listed in March, on the other hand, may have been more directly impacted by COVID-19, Cravens said. The inventory of homes for sale dropped to 1,626, down nearly 9% from last March.
The absorption rate — the time it would take to sell the homes that are currently listed for sale — stands at just 1.5 months, down more than 35% from last March. Cravens said the market has been tightening for years, but the spread of the virus has contributed by slowing down new home construction.
"Builders were just getting lined up with projects ... and then this happened," he said.
On the rental side, Albuquerque was similarly unchanged. A report from the nationwide apartment listing service RENTCafe noted that Albuquerque's average rent in March stood at $928, a 6.4% rise since last March — not a dramatic change.
Cravens said April could bring changes for the real estate industry, though the magnitude of those changes will depend on when businesses start to re-open, and the state of the economy at that point.
"If there are enough people out there to buy the homes that are available, and the banks are comfortable, then you won't see much of a change in the price," Cravens said.
