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As home sales cooled nationwide, those in ABQ continued to rise

FOR IMMEDIATE RELEASE

Contact:                   

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

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

As home sales cooled nationwide, those in ABQ continued to rise

Albuquerque, NM  (September 12, 2016) – The number of homes sold began to cool for much of the country last month and given the low inventory situation, conventional wisdom indicates that year-over-year declines are going to be present for the remainder of the year. However, sales in the greater Albuquerque market bucked the national trend and continued to improve.

The 1,071 detached homes sold in August 2016 represented a 9.1 percent increase over the same period last year while townhomes and condo sales increased 7.9 percent. During the same period, pending sales of detached homes this August increased 24.2 percent but decreased 4.1 percent for townhomes and condos.

While the total inventory of homes for sale in the Albuquerque metro market was down 16.0 percent compared to the same period last year, for the first time in several months, newly listed homes rose. The 1,541 homes listed for sale in August represented 4.2 percent year-over-year increase.

The median sales price in the metro area increased 1.6 percent to $190,000 for detached homes and 4.1 percent to $139,500 for townhomes and condos. The average sales price for detached homes also increased by 1.6 percent to $226,422 as the average price for townhomes and condos increased 6.6 percent to $150,667.

“As inventory continues to drop, the contradictions of today's market are evident,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of Realtors. “Sellers should feel confident enough to list homes at fair prices and receive meaningful offers in a healthy residential real estate and overall economic environment. However, there may be lingering worry over the availability of move-in ready homes to replace what was sold.” He also added, “The rise in Albuquerque area rental prices are also up and may help lure more toward homeownership.”

To see the full market indicator report for August 2016 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.