Another Record-Setting Month for Home Sale Prices
FOR IMMEDIATE RELEASE
Contact:
Danny Wm. Vigil, President
505-459-6657, president@gaar.com
Kent Cravens, Executive Vice President
505-724-3481, kent@gaar.com
Albuquerque, NM (September 10, 2018) – Home sale prices in the Greater Albuquerque markets set historical records once again with the highest recorded Median and Average Sales Prices in recent history. The Average Sale Price for August 2018 was $251,895, showing a gain of 6.1 percent from August 2017. Pending sales for single-family detached homes also experienced a strong month with a 22.4 percent increase from the previous year.
Closed Sales for single-family detached homes, which includes a mixture of both resale and new construction, were at 1,171 units for the month, a 4.8 percent gain from the previous year. New listings coming on the market decreased by 4.1 percent from the previous year to 1,560 units. Pending Sales increased 22.4 percent to 1,266 units. Inventory of homes for sale saw a decrease of 16.4 percent, bringing inventory levels to 3,326 units, representing a 3.2-month supply of homes.
Detached homes sold on average in 41 days, 6.8 percent faster than this time last year. The Median Sale Price for single-family detached homes was $215,000, a 6.4 percent increase from the previous year.
Condos and townhomes, or attached units, saw a 14.9 percent increase in sales from August 2017 with 116 sales recorded for the month. New listing activity in August showed a 22.5 percent gain from August 2017 with 169 listings added to market inventory. Overall Inventory of attached homes for sale was at 298 units, a 12.4 percent reduction from August 2017.
Attached homes sold on average in 34 days and are selling 15.0 percent faster when compared to the same time last year. For attached homes the Median Sales Price increased 11.1 percent to $150,000 and the Average Sales Price rose 10.7 percent to $167,184 when compared to August 2017.
“Single-family homes prices showed considerable gains in August 2018 and actually set records going back to 1985, when local market stats were regularly tracked by the Association,” said Danny Wm. Vigil, 2018 President of the Greater Albuquerque Association of REALTORS®. He added, “The market this year has repeatedly shown the trend of sale price gains coupled with low inventory. It is difficult for REALTORS® to predict how long this trend will continue, pending the next economic shift.”
The full report for August market statistics is available by clicking here or by going to GAAR.com and clicking on Market Statistics.
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About GAAR
The Greater Albuquerque Association of REALTORS® (GAAR) is the largest local professional trade association in Central New Mexico with over 3,300 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 Harris at 505-724-3461 or laurah@gaar.com.