March home sales prices increase despite low inventory
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 (April 10, 2018) – Home sales activity in the Greater Albuquerque Metro Area for March 2018 experienced seasonally high sales levels, despite a low availability of homes for sale. Sales of Single-Family Detached homes were at 1,066 for March 2018, an increase of 3.4 percent from the previous year. Attached home sales were at 90, with an 8.7 increase from the same period.
New Listings decreased 2.8 percent for Single-Family Detached homes and 9.4 percent for Single-Family Attached homes. Pending Sales increased 17.8 percent for Single-Family Detached homes and 13.6 percent for Single-Family Attached homes.
Inventory of homes for sale decreased 19.1 percent for Single-Family Detached homes and 24.5 percent for Single-Family Attached homes. The decreased inventory echoes the trend that the vast majority of the nation continues to experience with lower inventory compared to this time last year.
The Median Sales Price increased 5.6 percent to $198,000 for Single-Family Detached homes and 9.8 percent to $152,100 for Single-Family Attached homes.
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The Average Days on Market Until Sale decreased for homes selling in March. Single-Family Detached homes sold in an average of 53 days, 3.6 percent faster than this time last year. Attached condos for the Greater Albuquerque area sold on average in 41 days, and are selling 2.4 percent faster when compared to the same time last year.
“The year 2018 is off to a slow start for new listing inventory in most market areas,” said Danny Wm. Vigil, 2018 President of the Greater Albuquerque Association of REALTORS®. He added, “Despite fewer homes for sale, buyer demand continues to keep prices rising as a record number of homes are under contract.”
The full report for March 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.