Strong Sales Gains in September
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 (October 10, 2018) – The Greater Albuquerque real estate market ended the summer with a strong month in Closed Sales and homes going Under Contract. Single-family detached homes going Under Contract in September increased 22.1 percent from the prior year to 1,037 units. Detached Home Sales finished the month with 1,031 reported sales, a 3.1 percent gain from September 2017. This was the highest amount of Closed sales reported in September since 2005.
New listings coming on the market increased by 3.1 percent from the previous year to 1,359 units. Inventory of homes for sale saw a decrease of 15.8 percent, bringing inventory to 3,298 units, representing a 3.2-month supply of homes. Detached homes sold on average in 40 days, 7.0 percent faster than this time last year. The Median Sale Price for single-family detached homes was $199,990, a 0.5 percent decrease from the previous year. The Average Sale Price rose 1.7 percent to $239,282, when compared to September 2017.
Condos and townhomes, or attached units, saw a 4.4 percent decrease in sales from September 2017 with 87 sales recorded for the month. New listing activity in September showed a 15.3 percent reduction from the prior year with 116 listings added to market inventory. Inventory of attached homes for sale reached 282 units, a 12.4 percent reduction from September 2017.
Attached homes sold on average in 32 days and are selling 39.6 percent faster when compared to the same time last year. The Median Sales Price for attached homes increased 9.5 percent to $150,000, and the Average Sales Price rose 9.1 percent to $161,555 when compared to September 2017.
“September was another incredible month for sales, and a 22% gain in detached homes going Under Contract hints that buyer demand is still there,” said Danny Wm. Vigil, 2018 President of the Greater Albuquerque Association of REALTORS®. He added, “We should expect to see a seasonal reduction in overall inventory moving into the winter months. When we combine this with the overall trend of reduced inventory across the nation it could result in greater demand for existing homes for sale in the Greater Albuquerque market.”
The full report for September 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.