July housing inventory remains historically low
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 (August 10, 2018) – Home sales activity in Greater Albuquerque markets continued the 2018 trend of historically low inventory with rising home prices. Pending sales for single-family detached homes saw a 15.5% increase from the previous year and was the highest July month for Pending sales since 2005. The Median Sale and Average Sale Prices for July were the highest recorded month for July sale prices recorded since July 2007.
Closed Sales for single-family detached homes, which includes a mixture of both resale and new construction, were at 1,121 units for the month, a 3.5 percent gain from the previous year. New listings coming on the market for July decreased by 1.3 percent from the previous year to 1,607 units. Pending Sales increased 15.5 percent to 1,271 units. Inventory of homes for sale saw a decrease of 14.2 percent, bringing inventory levels to 3,368 units, representing a 3.3-month supply of homes.
The Average Days on Market until sale decreased for detached homes selling in July. Detached homes sold on average in 38 days, 11.6 percent faster than this time last year. The Median Sales Price for single-family detached homes was $208,000, a 4.1 percent increase from the previous year. The Average Sales Price rose 3.7 percent from July 2017 to $246,862.
Condos and townhomes, or attached units, saw a 7.7 percent increase in sales from July 2017 with 112 sales recorded for the month. New listing activity in July showed a 2.9 percent gain from July 2017 with 144 listings added to market inventory. Overall Inventory of attached homes for sale was at 269 units, a 25.5 percent reduction from July 2017.
Attached homes sold on average in 34 days, and are selling 12.8 percent faster when compared to the same time last year. For attached homes the Median Sales Price increased 1.8 percent to $142,458 and the Average Sales Price rose 3.4 percent to $158,398 when compared to July 2017.
“The Greater Albuquerque market in July continued the trend of reduced inventory levels and strong gains in home prices,” said Danny Wm. Vigil, 2018 President of the Greater Albuquerque Association of REALTORS®. He added, “As demand continues to outpace what is available for sale, REALTORS® are monitoring economic trends and consumer confidence closely in order to anticipate the next residential real estate shift.”
The full report for July 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.