Low Inventory in January Not Slowing Home Sales

The Albuquerque metro area housing market continued the trend of low home inventory while setting a twelve-year record for Pending home sales.  Buyer activity remained strong and continued to drive up home prices, giving sellers an advantage in some situations to sell faster or above list price.

While not all homes and neighborhoods are selling fast or above the listing price, detached homes sold in an average of 58 days this January, 6.5 percent faster than in January 2017. Townhomes and condos are selling in 52 days on average, 20.9 percent faster than last year. 

The number of homes for sale added to the housing market saw a 1.8 percent increase in January. The number of new single-family attached homes listings decreased by 10.1 percent. This was not enough to replenish the current drought in inventory of homes for sale. The 2,671 detached homes for sale was 27.6 lower than January 2017, and the lowest inventory for January since 2006.  Attached home inventory saw a 26.6 percent reduction, bringing the total number of condos/townhomes for sale to 234 units.

The 721 detached homes sold in January 2018 marked a 7.6 percent increase over the same period last year, and the 77 townhomes and condos sold represented a 30.5 percent increase compared to January 2017. For the month, pending sales are up 28.7 percent for detached homes and 53.2 percent for townhomes and condos when compared to January 2017. January 2018 had the most Pending and Closed sales for a January month since 2006.

This January, Greater Albuquerque’s median sales price saw a minor increase, while the average price saw a modest reduction. The median sales price increased 1.1 percent to $187,500 for detached homes and increased 17.6 percent to $147,000 for townhomes and condos. The month-to-month comparison of the average sales price for detached homes decreased 0.6 percent to $217,679, while the average price for townhomes and condos of $165,968 represented a 23.6 percent increase.    

“All indicators of the Albuquerque metro area’s housing market point toward another very active year in 2018,” said Danny Wm. Vigil, 2018 President of the Greater Albuquerque Association of Realtors. He added, “Sellers who have been waiting for the market to become more favorable should feel encouraged that market conditions are now to their benefit. Inventory levels remain at historic lows and buyer interest is still very high.” 

To see the full market indicator report for January 2018 market statistics, go to GAAR.com and click on Market Statistics.