ABQ’s 3rd quarter home sales up 20% over last year
Albuquerque, NM (October 19, 2015) – Wrapping up the 3rd quarter 2015, the greater Albuquerque housing market has seen more detached sales than any quarter since the 2nd quarter of 2007. With 2,886 detached-homes sold, the market experienced a 20.9% improvement over the same period in 2014. The number of condos/townhomes sold this quarter experienced a 30.5% improvement.
Homes selling between $200,000 - $249,000 continued to be the top price range and accounted for 15.5% of all detached-homes sold over the last three months. Homes also sold faster this past quarter. Decreasing from an average of 64 days on market to 58, this is first time since 2007 the average time on market has gone below 60 days.
While sales activity has greatly improved, home prices for the entire market remained stable with a modest 0.9% increase in the average sale price to $220,928. The median sale price of $185,000 is up only 0.5% compared to Q3 2014.
“We’ve been breaking sales records since 2007 all summer long, so the positive 3rd quarter report doesn’t come as a surprise,” reported Paul Wilson, 2015 President of the Greater Albuquerque Association of REALTORS®. “While the affordable home prices are great for home buyers,” he said, “the reduced time on the market is very positive news for sellers, too.”
To see the full 3rd QTR report 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 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.