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ABQ’s median home sales price grows with time

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’s median home sales price grows with time

Albuquerque, NM (May 10, 2016) –  April’s median homes sales price for the Albuquerque metro region has grown steadily year over year. The median detached home price in April 2013 was $168,000 has risen to $185,000 last month. This also represents a 4.64 percent increase in the median sales price over April 2015.

The average sales price of detached homes also improved over the past few years. April 2016’s average sales price of $217,616 is a 3.74 percent improvement over the same period in 2015, and is well above the $196,321 detached home average price of April 2011.

This April’s 930 detached homes sold is a 10.19 percent jump compared to the same period in 2015. At the same time, pending sales grew 2.63 percent compared to April 2015 – totaling 1,211 homes under contract by the month’s end.

The $200,000 to $249,999 range remains the strongest home price point, but April marked a notable increase in homes sold in the higher price range of $250,000 to $399,999.

As the entire market area continues to experience gradual improvements, the Northeast Heights and much of the Westside remained the hot neighborhoods for homes sales. Ladera Heights, Far Northeast Height, and Los Lunas are the neighborhoods that heated up the most compared to last month.

As sales increased, the housing market inventory in Central New Mexico continued to decline and April’s housing market inventory dropped to only 3,275 active listings. This represents a 17.15 percent decrease compared to April 2015. 

“The steady growth in the median home price reflects a healthy housing market,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of REALTORS®. He added, “The $20,000 rise in median home price over just three years is good news, not just to sellers, but to local homeowners as well.”

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

April 2016 Market Report