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Greater Albuquerque Home Prices continue to see Gains through 3rd Quarter 2018

FOR IMMEDIATE RELEASE

Contact:              
Danny Wm. Vigil, President
505-459-6657, president@gaar.com

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

Albuquerque, NM (October 22, 2018) – 3rd 2018 quarter sales activity in the Greater Albuquerque market saw positive gains in home prices, units sold and new listings when compared to the same time last year.

Detached home sales totaled 3,297 units, a 5.4 percent increase when compared to 3rd quarter 2017. The median sales price for detached homes increased to $209,900, a 4.8 percent increase from a year ago, while average sales prices also increased 4.1 percent to $248,059. Detached homes sold with fewer average days on market when compared to a year ago, which is likely a trend that will continue through the 2018 peak selling season. Detached homes sold in 39 days on average, 7.1 percent faster than the 42 average days on market for 3rd quarter 2017.

Townhome and condo sales totaled 306 units, an increase of 4.1 percent when compared to the 3rd quarter 2017. The median sales price for townhomes and condos saw an increase of 8.2 percent to $149,000, while the average sales price increased 6.4 percent to $160,991. Townhomes and condos for the Greater Albuquerque area sold on average in 33 days, a 23.3% decrease compared to 3rd Quarter 2017.

Market activity within the individual cities and communities of the Greater Albuquerque market area showed positive gains in units sold, with home sales in the City of Albuquerque increasing 4.9 percent, and the city of Rio Rancho by 2.7 percent. Placitas, East Mountain Areas and Corrales all showed sales increases of 10% or more from 3rd Quarter 2017.

 “Low inventory has not slowed down the pace of homes selling in the Greater Albuquerque markets,” said Danny Wm. Vigil, 2018 President of the Greater Albuquerque Association of REALTORS®. “Home sales activity and increased prices continued the positive trend for many GAAR communities throughout the summer. New listing inventory is expected to decline moving into late fall.”

To see the full report for the 3rd Quarter 2018 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 3,400 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is the Voice for 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 Laura Harris at 505-724-3461 or laurah@gaar.com.