ABQ Metro housing market continues upward trend
Albuquerque, NM (September 10, 2015) – The Albuquerque regions’ housing market continues to show improvement with an increase in sales volume and both the average and median sales price for the month of August. With 948 detached homes sold, the sales volume for August 2015 jumped 15.3% compared to 2014 and was the most active August since before 2007. Pending sales also rose with a 26.8% increase compared to the same month last year.
At $189,950, the median sale price for detached homes increased 3.2% over August 2014. The average sales price also rose. August 2015 showed an increase of 4.7% compared to last year with an average sale price of $226,254 by month’s end. While $200,000 to $249,000 continues to be the top selling price range, there was significant growth in the number of homes sold at $249,000 and above for the month of August.
The Greater Albuquerque market inventory remains low. The region only added 1,447 detached homes for sale in the month of August. This is down slightly from last month’s addition of 1,618 new home listings. With 3,971 homes for sale, the inventory level is 21.3% lower when compared to August last year.
As the home inventory continues to shrink, homes are selling faster. Average days on the market for August 2015 is down 16.9% compared to the same period for 2014.
“Our local real estate market had robust summer,” said Paul Wilson, 2015 President of the Greater Albuquerque Association of REALTORS®. “As the national housing market is showing signs of a slight slow-down, the Albuquerque region continues to expand.” He added, “While some of our neighborhoods still lag behind, our overall market is seeing more sales activity and movement in both the median and average sales prices. The 37% increase in number of homes sold in higher price ranges of $250,000 to $749,000 is also great news and is another healthy sign for the Greater Albuquerque housing market.”
To see the full report for August market statistics, go to GAAR.com and click on Market Statistics.
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The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3,000 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is recognized as a leading provider of real estate information services, data and education in New Mexico.
About GAAR
The Greater Albuquerque Association of REALTORS® (GAAR) is the largest local professional trade association in Central New Mexico with over 3000 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is the Voice of 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 Eva Medcroft at 505-724-3461 or eva@gaar.com.