2016 ABQ housing sales are off to a positive start
FOR IMMEDIATE RELEASE
Contact:
Jon Schnoor, President,
505-385-2154, president@gaar.com
Janice McCrary, Executive Vice President,
505-724-3481, jmccrary@gaar.com
2016 ABQ housing sales are off to a positive start
Albuquerque, NM (February 10, 2016) – This past January has proven to be one of the strongest in recent history. With noticeable improvements in both the average and median sales price, the greater Albuquerque housing continued its year-over-year improvements that marked each month of 2015.
The median detached home sales price of $175,000 is up 3.24 percent over January 2015 and is the highest median sales price for January since 2009 when it was also at $175,000. The average detached home sales price has also grown. Compared to January 2015, the average sales price has increased 6.77 percent to $217,247. This figure breaks January 2009’s average sales price of $214,872.
The 594 detached-homes sold in January 2016 represents a 10.61 percent jump over January last year and the 912 pending sales represent a 6.67 percent increase over that same period. As the number of sales and pending sales continue to improve, the number of homes for sale in the Greater Albuquerque market continues to decline. The 3,021 homes for sale in the market is the lowest inventory since May 2006 when there were only 2,966 homes for sale.
While $200,000-$249,999 was the top selling price range in January 2016, more homes were sold in the $250,000 range and above. In 2015, 22.3 percent of the homes sold in January were $250,000 and up. This past month, that price range represented 28.3 percent of the detached-home sales in the market.
“Based on the improvements we saw in the number of sales in 2015, the real estate community is happy to see that trend continue into 2016,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of REALTORS®. “The upward tic in the number of homes selling in the higher price range is a good sign to overall market improvement.” he said.
To see the full report for January 2016 market statistics, go to GAAR.com and click on Market Statistics.
###
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.