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Closed home sales numbers continue to improve in Q4

FOR IMMEDIATE RELEASE

Contact:                   

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

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

 

Closed home sales numbers continue to improve in Q4

Albuquerque, NM (January 20, 2016) – With 2,313 homes sold in the fourth-quarter 2015, the overall Greater Albuquerque housing market saw a 12.72% increase in the number of homes sold over the same period last year. While the 2,313 homes sold is impressive and is higher than any time since 2006, some specific regions had even greater gains. The number of homes sold in Rio Rancho increased 20.63% over Q4 2014. Home sales in East Mountains and Valencia County increased 21.90% and 21.77% respectively.

As the number of homes sold in the fourth quarter 2015 increased, the average number of days on market is at the lowest level since 2007. The average of 60 days represents an 11.76% decrease compared to Q4 2014. While Albuquerque homes sell the fastest with an average of 54 days on market, Valencia County experienced a 27.37% reduction in the time it took to sell a home this past quarter – dropping from 95 days in Q4 2014 to only 69 days this year. New listings are also down slightly. The 3,113 new detached-home listings represent a 0.29% drop compared to the Q4 2014.

Improvements in the median and averages sales price were more modest. Compared to the same period in 2014, the average sales price of $212,648 is only a 0.04% improvement for Q4. The median home price of $180,000 is slightly better with a 2.86% improvement over the fourth quarter last year.

“The ABQ metro market saw gains in the number of homes sold throughout 2015,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of REALTORS®. “The improved activity in areas like Rio Rancho, East Mountains and Valencia County is a good sign for our market as we start the new year” he said.

To see the full report for 4th quarter 2015 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.