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ABQ area home sales continue to see uptick

FOR IMMEDIATE RELEASE

Contact:                    

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

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

ABQ area home sales continue to see uptick

Albuquerque, NM (April 11, 2016) –  As the busy spring season approaches, the entire Albuquerque metro’s housing market had a slight increase compared to March of last year with a seasonal jump compared to last month. The 896 detached homes sold in March 2016 was an 8.34 percent increase over the same period in 2015. March’s 1,181 pending sales had a 7.8 percent increase over the same month last year.

While the entire market area experienced slight improvements, the Northeast Heights and Southwest Heights remained the hot neighborhoods for homes sales. Northwest Heights, Paradise West and Mid Rio Rancho sales have also heated up. Each of these hot neighborhoods have had over 40 home sales in March. Sales are also warming up in UNM South, ABQ Acres West, and Central Rio Rancho, each of which had between 16 and 39 homes sold for March 2016.

Both the average and median detached home prices for March 2016 show a moderate increase over March 2015, but indicate little change compared to last month. Compared to the same period in 2015, the median sales price increased 2.86 percent to $180,000 and the average sales price increased 3.18 percent to $218,141. Compared to last month, the average and median home prices only rose 2.81 percent and 1.12 percent respectively.

Homes sales in the $200,000 to $249,999 remain the strongest price point, but March marked a notable increase in homes sold in both the $140,000 to $159,999 and the $160,000 to $179,999 prices ranges.

As sales increased, the housing market inventory in Central New Mexico remained low. Compared to March, 2016 inventory showed a 15.17 percent drop to only 3,198 active listings, although it was a 2.90 percent increase from last month. 

“The Greater Albuquerque housing market continued to show modest, but stable improvement in March,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of REALTORS®. He added, “As we move into the busy spring sales season, the market is well-positioned for buyers and sellers alike.”

To see the full report for March 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.

Market Report

March 2016 Market Report