Most of 2016 offered similar monthly highlights for the greater Albuquerque housing market. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in in Albuquerque metro markets. Unemployment rates for the metro region were relatively low and, as the year waned, we saw mortgage rates increase – which is not expected to have a negative impact on real estate in 2017.

The 875 detached homes sold in December 2016 marked a 3.6 percent increase over the same period last year; the 78 townhomes and condos sold represented a 15.2 percent decrease compared to December 2015. For the year, pending sales are up 8.3 percent for detached homes and 5.8 percent for townhomes and condos when compared to 2015, indicating that home sales should remain strong as we start the New Year.

While the inventory of detached homes for sale in the Albuquerque metro market was down by 20.9 percent compared to the same period last year, the 830 detached homes newly listed for sale in December represented 5.6 percent year over- year increase. Newly-listed townhomes and condos inventory decreased by 10 percent compared to December 2015.

The median sales price in the metro area jumped by 8.6 percent to $190,000 for detached homes and remained static with a negligible 0.4 percent increase for townhomes and condos. The average sales price for detached homes saw a 7.8 percent increase to $222,112 as the average price for townhomes and condos dropped 5.5 percent to $140,548.

“The overwhelming feeling about prospects in Central New Mexico’s residential real estate for the immediate future is optimism,” said Don Martindell, 2017 President of the Greater Albuquerque Association of Realtors®. “Local real estate professionals are letting us know they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for creative and diligent people prepared to put in the time and effort,” he added. Click here to read the full article.