FOR IMMEDIATE RELEASE
Paul Wilson, President,
Janice McCrary, Executive Vice President,
Albuquerque, NM (December 10, 2015) – Entering into the holiday season, the number of homes sold in the Greater Albuquerque market continues to break records. The number of detached homes sold was at a November high of 652 – a rate that is up 8.49% over the same period last year and the highest number of sales for November since prior to 2006.
Pending sales have also remained high. The 794 sales pending shows a 7.59% increase from November of last year. As the number of sales have increased, the time on market has dropped 7.46% from last November to 62 days. Combined, the increase of homes sold and decrease in time on market has led to a reduction of inventory. With only 3,486 active listings, the number of homes for sale in November 2015 is down 19.51% compared November 2014. This is the first time since June 2006 where inventory has dropped below 3,500 active listings.
While sales activity is up and inventory is down, the average and median home prices have remained steady. November’s average sales price of $213,686 is down 1.03% from last year while the median sales price of $180,000 is up 2.86% from November 2014.
“2015 has seen continuing improvement in the number of sales compared to the year before.” said Paul Wilson, 2015 President of the Greater Albuquerque Association of REALTORS®. He added, “As we move into 2016, we look for continued market recovery and higher rates of appreciation from this year’s positive growth.”
To see the full report for October market statistics, go to GAAR.com and click on Market Statistics.
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.
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