ABQ housing inventory still low, selling fast
FOR IMMEDIATE RELEASE
Contact: Don Martindell, President,
505-263-7618, president@gaar.com
Kent Cravens, Executive Vice President,
505-724-3481, kent@gaar.com
ABQ housing inventory still low, selling fast
Albuquerque, NM (June 12, 2017) – Housing activity in the Albuquerque metro market continued to show increases in the month of May, both for the number of homes going under contract, as well as average and median home sale prices. Housing inventory remains seasonally low yet affordable for many buyers.
Continuing the trend from the previous month, pending sales are at a 14-year high, reaching 1,279 for detached homes, a 20.7 percent increase from May 2016. Pending sales for townhomes and condos reached 100, equal to the same number of pending sales reported in May 2016.
Detached home sales totaled 1,196 units, a 17.5 percent increase from May 2016, and 7.4 percent year-to-date increase compared to last year. The median sales price for detached homes increased to $199,950, a 5.2 percent increase from a year ago, while average sales price also increased 4.0 percent to $235,723. In contrast, townhome and condo sales increased 24.7 percent to 121 units, with year-to-date sales remaining 7.9 percent higher than last year. The median sales price for townhomes and condos decreased 4.5 percent in May 2016 to $139,950 while the average sales price decreased 2.4 percent to $148,228.
Market conditions in May had a positive affect on the average days a home spends on market before sale. Detached homes sold in 45 days on average, selling 8.2 percent faster than this time last year. Townhomes and condos for the Greater Albuquerque area sold on average in 52 days, and are selling 11.9 percent faster year-to-date when compared to the same time last year.
New listings entering the market in May rose 13.7 percent for detached and 7.2 percent for condos/townhomes when compared to last year. Listing inventory for detached homes saw a 19.6 percent decrease to 3,266 for May. This puts detached inventory at a 3.4 month supply decreasing 24.4 percent from last year at the same time.
“Market activity in Albuquerque metro continues to outpace the previous year,” said Don Martindell, 2017 President of the Greater Albuquerque Association of Realtors. “With another record month of pending sales and rising home prices, the Albuquerque metro is off to a great start leading into the summer months.”
To see the full report for the May 2017 market statistics go to GAAR.com and click on Market Statistics.
About GAAR
The Greater Albuquerque Association of REALTORS® (GAAR) is the largest local professional trade association in Central New Mexico with over 3,000 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is the Voice for Real Estate for the Greater Albuquerque Area and the trusted source for accurate real estate market data and trends.
REALTOR® is a registered collective membership mark that may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics.
For media assistance, please contact Laura Abascal at 505-724-3487 or laura@gaar.com.