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December 2015 home sales up 23% from previous year

FOR IMMEDIATE RELEASE

Contact:                   

Jon Schnoor, President,
505-385-2154, president@gaar.com

Janice McCrary, Executive Vice President,
505-724-3481, jmccrary@gaar.com

December 2015 home sales up 23% from Previous year

Albuquerque, NM (January 11, 2016) – As 2015 wound down, the upward trend of homes sales continued to rise in the Greater Albuquerque housing market. The 807 detached homes sold in December 2015 was a 23.02% increase over the 649 homes sold in December 2014, and the highest reported since December 2005.  

Pending sales rose slightly as well. The 679 pending sales of detached homes for December 2015 represent a 4.62% increase over the same period in 2014.  

Average and median prices have seen little change from last year. December 2015 average home sale price of $208,229 is down 1.56% from that of 2014 and the median sales price of $175,500, is also slightly down from 2014.

The slight drop in the average and median prices is due to more sales activity of lower priced homes.  Sales of homes in the $120,000 to $199,000 range increased 42% in December 2015 compared to last year. However, homes priced at the $200,000-$249,000 price range continued to be the highest segment of the market.

Inventory remains very low, with only 3,108 active listings. This represents a 19.27% drop from 2014.

“We ended a strong year for the Albuquerque Metro housing market.” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of REALTORS®. He added, “The number of sold homes was much higher each month over the previous year, and our inventory of listings is way down, but it has yet to result in an increase in pricing.”

To see the full report for December market statistics, go to GAAR.com and click 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 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.