Positive housing market trends continue for ABQ Area
Albuquerque, NM (October 12, 2015) – The upward trend in the number of housing sales has sustained for the twelfth consecutive month. Similar to last month, the local housing market experienced an increase in sales volume. With 886 detached homes sold, the the number of homes sold in September 2015 jumped 26.03% compared to 2014 and broke the record for number of homes sold in the month of September set in 2006. Pending sales also rose with a 17.1% increase compared to the same month last year, which was the seventh month that the number of pending sales hit the 1,000 mark.
Once again, while the $200,000 to $249,000 continues to be the top selling price range, there was significant growth in the number of homes sold at $250,000 and above for the month of September. Additionally, both the average and median sales price increased for the month. At $180,850, the median sale price for detached homes increased 3.34% over the same period last year. Compared to September 2014, the average sales price also rose 7.38% to $224,353 by month’s end.
With only 1,295 new listings added in the month of September, the local housing market inventory remains low. The inventory level stands at 3,850 homes for sale – a drop of 22.14% compared to September last year.
“Housing is an important part of economic stability and the numbers have been strong all summer.” said Paul Wilson, 2015 President of the Greater Albuquerque Association of REALTORS®. He added, “Buyers and sellers are feeling more confident which is reflected in the uptick of activity.”
To see the full report for September market statistics, go to GAAR.com and click on Market Statistics.
The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3,000 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is recognized as a leading provider of real estate information services, data and education in New Mexico.