Demand for homes continues to increase into April
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 (May 10, 2018) – The ongoing demand for homes in the Greater Albuquerque Metro Area continued into April 2018, showing the 4th consecutive month of Pending home sales over 1,000 units, and the 2nd consecutive month of over 1,000 home sales. Home sales prices are at a 10-year high, with the Median sale price being the highest recorded for a month since May 2008, and the Average sale price at 2007 levels.
Sales for Single-family detached homes, which includes a mixture of both resale and new construction, rose to 1,089 units for the month, an increase of 10.3 percent from the previous year. New listings coming on the market for April increased by 2.3 percent from the previous year to 1,686 units. Pending Sales increased 15.6 percent to 1,358 units. Inventory of homes for sale saw a decrease of 0.3 percent, bringing inventory levels below 3,000 units, representing less than a 2.8-month supply of homes.
The Average Days on Market Until Sale decreased for detached homes selling in April. Detached homes sold in an average of 47 days, 7.8 percent faster than this time last year. The median sale price for single-family detached homes was $205,000 for April 2018, a 5.1 percent increase from the previous year. The average sale price rose 2.5 percent from April 2017 to $242,037, setting a 10-year record in the Greater Albuquerque area for home prices.
Condos and townhomes, or attached units, saw an 11.1 percent increase in sales from April 2017 with 120 sales recorded for the month. New listing activity in April gave condos an 8.0 percent increase with 162 listings added to market inventory. Overall Inventory of attached homes for sale was at 259 units, a 16.5 percent reduction from April 2017.
Attached homes sold on average in 49 days, and are selling 3.9 percent faster when compared to the same time last year. For attached homes, the Median sale price increased 10.9 percent to $160,000 and the Average sale price rose 15.9 percent to $175,558 for Single-Family Attached homes.
“The Greater Albuquerque market has proven to be a strong seller’s market for 2018 so far,” said Danny Wm. Vigil, 2018 President of the Greater Albuquerque Association of REALTORS®. He added, “Record setting numbers for Home Sales and Pending Sales activity helped to reduce inventory levels to less than a three month supply.”
The full report for April market statistics is available by clicking here, or go to GAAR.com and click 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 505-724-3481 or laurah@gaar.com.