In June, Greater Albuquerque homes sell in 40 days
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 (July 10, 2018) – Greater Albuquerque home sales activity for the month of June showed strong gains in the number of homes going under contract, with single digit increases in the Average and Median sale prices when compared to the previous year. Pending home sales for single-family detached homes rose to 1,279, the 6th consecutive month where homes Under Contract exceeded 1,000 units. The Median Sale Price for June was the highest recorded monthly sale price amount since July 2007 while the Average Sale Price was at its highest June peak since 2008.
Closed Sales for Single-family detached homes, which includes a mixture of both resale and new construction, were at 1,189 units for the month, a 4.7 percent reduction from the previous year. New listings coming on the market for June decreased by 1.3 percent from the previous year to 1,782 units. Pending Sales increased 13.7 percent to 1,279 units. Inventory of homes for sale saw a decrease of 15.4 percent, bringing inventory levels to 3,297 units, representing a 3.2-month supply of homes.
The Average Days on Market until sale decreased for detached homes selling in June. Detached homes sold in an average of 40 days, 14.9 percent faster than this time last year. The Median Sale Price for single-family detached homes was $212,500, a 6.3 percent increase from the previous year. The Average Sale Price rose 0.8 percent from June 2017 to $244,365.
Condos and townhomes, or attached units, saw a 6.2 percent increase in sales from June 2017 with 124 sales recorded for the month. New listing activity in June showed a 22.3 percent reduction from June 2017 with 143 listings added to market inventory. Overall Inventory of attached homes for sale was at 273 units, a 19.7 percent reduction from June 2017.
Attached homes sold on average of 43 days and are selling 13.2 percent faster when compared to the same time last year. For attached homes, the Median Sale Price increased 5.3 percent to $149,700 and the Average Sale Price dropped 3.8 percent to $163,356, when compared to June 2017.
“With the peak selling market upon us, the month of June showed that many buyers are willing to pay top dollar in a market with limited inventory of homes to choose from,” said Danny Wm. Vigil, 2018 President of the Greater Albuquerque Association of REALTORS®. He added, “Inventory levels for 2018 remain seasonally low as home prices continue to rise.”
The full report for June 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.