Greater Albuquerque Metro home prices at 11 year high
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 (June 11, 2018) – Home sales activity in the Greater Albuquerque Metro Area continued to keep inventory levels low for the month of May. Pending home sales for single-family detached homes rose to 1,373, the highest recorded Pending count in more than a decade. Closed sales in the Greater Albuquerque areas exceeded 1,000 for the 3rd consecutive month. The Median Sale Price for May was the highest recorded monthly sale price amount since July 2007.
Sales for Single-family detached homes, which includes a mixture of both resale and new construction, rose to 1,200 units for the month, a decrease of 2.4 percent from the previous year. New listings coming on the market for May increased by 1.1 percent from the previous year to 1,878 units. Pending Sales increased 21.6 percent to 1,373 units. Inventory of homes for sale saw a decrease of 17.7 percent, bringing inventory levels to 3,035 units, representing a 3.0-month supply of homes.
The Average Days on Market Until Sale decreased for detached homes selling in May. Detached homes sold in an average of 40 days, 9.1 percent faster than this time last year. The Median Sale Price for single-family detached homes was $210,000, a 5.1 percent increase from the previous year. The Average Sale Price rose 1.6 percent from May 2017 to $239,281.
Condos and townhomes, or attached units, saw a 4.1 percent increase in sales from May 2017 with 126 sales recorded for the month. New listing activity in May showed a 1.2 percent reduction from May 2017 with 161 listings added to market inventory. Overall Inventory of attached homes for sale was at 262 units, a 21.3 percent reduction from May 2017.
Attached homes sold on average of 47 days and are selling 9.6 percent faster when compared to the same time last year. For attached homes, the Median Sale Price increased 10.8 percent to $155,000 and the Average Sale Price rose 9.1 percent to $161,069 for Single-Family Attached homes.
“A lower availability of homes for sale and multiple offer situations is a trend our REALTORS® are experiencing as we move in to the peak selling market,” said Danny Wm. Vigil, 2018 President of the Greater Albuquerque Association of REALTORS®. He added, “Prospective buyers should expect to experience a competitive market into the summer months while mortgage rates gradually increase.”
The full report for May market statistics is available by clicking here or at 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.