FOR IMMEDIATE RELEASE
Jon Schnoor, President,
Kent Cravens, Executive Vice President,
Albuquerque, NM (November 10, 2016) – As we enter the final quarter of 2016, not much has changed since the year began. Both national and local housing market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low mortgage rates and low unemployment rates for Central New Mexico. The decline in inventory is the one basic drag on the acceleration of Albuquerque’s housing market.
The 825 detached homes sold in October 2016 represented a 5.1 percent decrease over the same period last year, while the 91 townhomes and condo sold was a 3.4 percent increase. During the same period, pending sales of detached homes this October increased 19.4 percent and increased 10.6 percent for townhomes and condos.
While the total inventory of detached homes for sale in the Albuquerque metro market was down again to 17.1 percent compared to the same period last year, the 1,215 detached homes listed for sale in October represented 6.5 percent year-over-year decrease of only 10.5 percent. Newly listed townhomes and condos increased by 6.8 percent compared to October 2015.
The median sales price in the metro area increased 3.3 percent to $189,000 for detached homes and increased by 4.9 percent to $139,500 for townhomes and condos. The average sales price for detached homes also increased by 2.7 percent to $218,532 as the average price for townhomes and condos remained relatively the same with a slight 0.3 percent drop to $146,305.
“While confidence is high, the pace of economic growth has been slow enough to cause home sellers and home builders to pause,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of Realtors. “The relatively low number of first-time home buyers and a looming demographic shift seems to be curbing the desire to either place current homes on the market or, for builders, to start many single-family construction projects.” He also added, “As older New Mexicans retire and downsize, single-family listings are expected to rise. However, the wait can be hard for those in the market for a home.”
To see the full market indicator report for October 2016 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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