Home sales, prices and time on market all improved in the 2nd quarter 2015
Albuquerque, NM (July 20, 2015) – The greater Albuquerque real estate market continues to show signs of improvements on all fronts. Both the number of homes sold and sales prices rose as their time on the market dropped.
The 2nd quarter’s 2,774 detached homes sold showed a 17.9% improvement compared to only 2,353 sold in the same period last year. Condo and townhomes also showed a notable improvement with 24.2% more homes sold this quarter over that of 2014.
The median and average sale prices of detached homes each had a slight bump in the 2nd quarter 2015. Compared to 2014, the median sales price increased 3.95% to $184,000. The average sale price improved 0.79% to $218,684.
Homes are also selling faster this quarter. On average, detached homes closed within 62 days this year compared to 66 days in 2014. The number of homes on the market remains relatively low, with 6.18% less homes than the same period last year.
“Activity has been strong in the 2nd quarter of 2015,” said Paul Wilson, 2015 President of the Greater Albuquerque Association of REALTORS®. “We sold more houses this quarter than in any quarter since 2nd quarter of 2006. Home sales in the $250,000+ range also grew, ” he said. “This is great news to homeowners that have been waiting to sell their homes.
To see the full report on the 2nd quarter market statistics, go to GAAR.com and click on Market Statistics.
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.