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More sellers entered the housing market as the median price climbed

FOR IMMEDIATE RELEASE

Contact:                    

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

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

More sellers entered the housing market as the median price climbed

Albuquerque, NM (October 10, 2016) – As anticipated from the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices as inventory tightened. With rental prices in a consistent climb and Albuquerque unemployment at its lowest rate since 2008, year-over-year increases in home buying are probable for the rest of the year, but not guaranteed.

The 969 detached homes sold in September 2016 represented a 4.5 percent increase over the same period last year, while the more variable townhomes and condo sales decreased by 24.5 percent. During the same period, pending sales of detached homes this September increased 24.2 percent and increased 15.7 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, the 1,384 homes listed for sale in September represented 6.5 percent year-over-year increase. Newly listed townhomes and condos increased by 31 percent compared to September 2015.

The median sales price in the metro area increased 8.4 percent to $195,000 for detached homes and decreased a nominal 0.7 percent to $145,000 for townhomes and condos. The average sales price for detached homes also increased by 2.7 percent to $227,898 as the average price for townhomes and condos increased 6.6 percent to $152,610.

“Today's demand is driven by three factors; millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of Realtors. “However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory.” He also added, “Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.”

To see the full market indicator report for September 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.