ABQ market shows strong demand for housing
Albuquerque, NM (July 10, 2017) – Housing activity in the Albuquerque metro market for the month of June 2017 showed several indications that there is a continuing demand for homes. June was the second highest sales month so far in 2017, with another record month of pending sales exceeding expectations. Home prices for single-family detached and attached condos/townhomes easily outpaced prices from a year ago.
Pending sales in June 2017 reached 1,283 for detached homes, setting a 14-year record, an increase of 22.9 percent from the previous year. Pending sales for townhomes and condos reached 140, rising 44.3 percent from June 2016.
Detached home sales totaled 1,194, a 6.1 percent increase from June 2016, and a 7.7 percent year-to-date increase compared to last year. The median sale price for detached homes increased to $200,000, a 0.4 percent increase from the previous year, and also the highest median monthly price since 2008.
The average sale price for detached homes also increased 3.9 percent from June 2016 to $243,099, which is also comparable to 2008 home values. The median sale price for townhomes and condos increased 6.4 percent in June 2016 to $159,000, with the average sale price also increasing 7.6 percent to $170,404.
Market demand in June showed a positive effect on the average days on market before a home sells. Detached homes sold in an average of 46 days, 2.1 percent faster than this time last year. Townhomes and condos for the Greater Albuquerque area sold on average in 36 days, and are selling 25.0 percent faster when compared to the same time last year.
New listings entering the market in June rose 2.2 percent for detached and 11.7 percent for condos/townhomes when compared to June 2016. Listing inventory for detached homes saw a 18.8 percent decrease to 3,468 for June, putting detached inventory at a 3.6 month supply, decreasing 23.4 percent from last year at the same time.
“Very impressive market activity in June,” said Don Martindell, 2017 President of the Greater Albuquerque Association of Realtors. “As the Albuquerque area continues to set annual records in home sales prices and homes going under contract, it continues to remain a favorable market for sellers. Homes that are priced right should continue to sell fast this summer.”
To see the full report for the June 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.