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FOR IMMEDIATE RELEASE: Number of ABQ area homes sold rises again in February

FOR IMMEDIATE RELEASE

Contact:                   

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

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

Number of ABQ area homes sold rises again in February 

Albuquerque, NM (March 10, 2016) – The upward trend in the number of homes sold in the Greater Albuquerque housing market continues. The 638 detached homes sold in February 2016 was a 15.16 percent increase over the same period last year and is the most homes sold in February since 2007.

The 1,040 pending sales of detached homes for February 2016 notes a 12.92 percent increase over the same month last year and is the highest for February going back ten years.

Both the average and median detached home prices increased in February. Compared to the same period in 2015, the median sales price increased 5.33 percent to $178,000 and the average sales price increased 6.51 percent to $212,172. While sales of homes in the $200,000 to $249,999 remain strong, February marked a notable increase in homes sold in both the $120,000 to $139,999 range and the $250,000 to $399,999 range.

Once again, inventory of homes for sale in the Albuquerque metro area is down. Compared to February, 2016 inventory shows a 15.20 percent drop to only 3,108 active listings. 

“2016 continues to show improvement in the Albuquerque area housing market,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of REALTORS®. He added, “The number of homes sold each month continues to grow as the median and average sales price begin to show some upward movement as we begin to move into the busy spring season”

To see the full report for February 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.