FOR IMMEDIATE RELEASE

Contact:               John Lopez, President
505-991-3386, president@gaar.com

Kent Cravens, Executive Vice President
505-724-3481, kent@gaar.com

Sale prices in 2018 continue to outpace previous years

Albuquerque, NM (January 31, 2019) – Data compiled from the Greater Albuquerque Association of REALTORS® indicates the Albuquerque metro area’s housing market showed positive improvements in both total homes sold and home prices when compared to 2017. Single-family detached home sales increased 4.3 percent to 11,975 units, while condo/townhome sales rose 10.1 percent. 

The $241,511 average sale price for 2018 represents a 2.7 percent increase over 2017 for detached home sales. Condo/townhome sales in 2018 averaged $162,160, a 5.9 percent increase. The median sale price for single family detached homes rose 4.1 percent to $205,000, making it the highest recorded median price for any previous year in the Greater Albuquerque markets. The median sale price for condo/townhomes rose 5.6 percent to $150,000 to end the year.  

In 2018 most homes were sold within the first sixty days of being on the market, with 57 percent selling within 30 days of being listed in the multiple listing service. Only 9.4 percent of detached home sales were on the market six months or longer. Historically low inventory was a common element in 2018, finishing the year with 2,506 single-family homes for sale, the lowest level since 2006.

 “Low inventory levels did not slow down the pace of housing sales in 2018,” said John Lopez, 2019 President of the Greater Albuquerque Association of REALTORS®. He added, “Pending and Closed sales both had a strong year in our market.”   

To see the full report for 2018 Annual 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 3,500 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.