Q3 homes sold faster in ABQ’s tight housing market
FOR IMMEDIATE RELEASE
Contact:
Jon Schnoor, President,
505-385-2154, president@gaar.com
Kent Cravens, Executive Vice President,
505-724-3481, kent@gaar.com
Q3 homes sold faster in ABQ’s tight housing market
Albuquerque, NM (October 20, 2016) – Overall, the Albuquerque housing market continued to experience stable gains in the third quarter of 2016 as inventory leveled-out at 4,396 new homes listed over the three month period. As the market remained tight, homes in the greater Albuquerque area sold in an average of 48 days – 17.24 percent faster than in third quarter 2015.
With 3,069 homes sold in the third quarter 2016, detached home sales in the greater Albuquerque market saw a 6.34 percent increase compared to the same period last year. At the same time, only 252 townhomes and condos sold in the Albuquerque Metro market, reflecting a 13.40 percent decrease.
Compared to the third quarter 2015, Rio Rancho saw a 20.48 percent rise in the number of detached homes sold, while the number of attached homes sold decreased by 40.63 percent – a drop from 32 townhomes and condos sold to 19. The East Mountain area experienced a 18.87 percent drop in the number of homes sold, while Valencia County noticed a 11.04 percent increase.
As the overall number of homes sold in the third quarter of 2016 increased, the average number of days on market dropped from 58 days on market to only 48 days. Rio Rancho detached homes sold the fastest at an average of only 38 days on market – a respectable 38.71 percent improvement from third quarter 2015. Detached homes in Albuquerque sold in an average of 46 days. The average days on market in the East Mountains dropped 32.35 percent, from 102 in the third quarter 2015 to 69 days. Valencia County homes sold 8.05 percent faster in 2016, dropping from an average of 87 days to only 80.
While new listings in the greater Albuquerque market remained steady, a few more homes were added in 2016 in comparison to 2015. With 4,396 new home listings, the number of detached homes listed in the third quarter of 2016 inched up slightly at 0.96 percent. At the same time, the number of attached homes on the market experienced a 2.40 percent increase to 427.
Median and average sales prices in the metro area maintained stable growth through the third quarter 2016. Compared to the same period in 2015, the average sales price for detached homes increased 3.32 percent to $228,271, while the median grew by 3.78 percent to $192,000.
“As the inventory remained steady, homes sold much faster and at a slightly higher price,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of REALTORS®. “While the overall Greater Albuquerque area improved, the most homes were once again sold in the Northeast Heights, Mid Rio Rancho and the Southwest Heights,” he added.
To see the full report for 3rd quarter 2016 market statistics, 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 3000 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is the Voice of 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 Eva Medcroft at 505-724-3461 or eva@gaar.com.