October Home Sales at a 12-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 (November 12, 2018) – Housing activity in the Albuquerque metro market saw another strong month of homes sales with 1,017 sales reported and 1,094 homes going under contract, with both exceeding 2017 year to date totals. Home inventory for single-family homes and condos remains historically low with nearly 1,500 new listings added for the month of October 2018.
Pending sales are at a 12-year high for the month of October, reaching 1,094 for detached homes, a 15.6 percent increase from October 2017. Pending sales for townhomes and condos reached 114, a 6.5 percent gain in comparison to October 2017.
Detached home sales totaled 1,017 units, a 3.6 percent increase from October 2017, and 4.8 percent year-to-date increase compared to last year. The median sales price for detached homes had no change from October 2017, holding at $199,000. The average sales price did see a reduction of 2.1 percent to $231,462. In contrast, townhome and condo sales decreased 3.4 percent to 114 units, while year-to-date sales remained 10.0 percent higher than last year. The median sale price for townhomes and condos increased 5.9 percent in October 2017 to $160,500 and the average sale price increased 1.0 percent to $165,260.
Market conditions in October had a positive effect on the average days a home spent on market before sale. Detached homes sold in 43 days on average, selling 6.5 percent faster than this time last year. Townhomes and condos for the Greater Albuquerque area sold on average in 38 days and are selling 9.5 percent faster year-to-date when compared to the same time last year.
New listings entering the market in October rose 1.7 percent for detached while overall inventory saw a 15.8 percent decrease. Townhome and condo new listings decreased 2.7 percent compared to last year, and inventory is down 12.7 percent.
“Reduced levels of homes for sale has not slowed down the record sales activity we have seen going into November,” said Danny Wm. Vigil, 2018 President of the Greater Albuquerque Association of REALTORS®.
To see the full report for the October 2018 market statistics, go to gaar.com/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 3,400 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.