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Q1 inventory grew as the ABQ housing market maintains steady improvements

FOR IMMEDIATE RELEASE

Contact:                   

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

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

Q1 inventory grew as the ABQ housing market maintains steady improvements

Albuquerque, NM (April 22, 2016) – In the first quarter 2016, the overall Albuquerque housing market continued to experience stable gains in the number of homes sold and the sales price while the number of homes for sale finally saw modest increase of 2.69 percent.

With 2,153 homes sold in the first-quarter 2016, the overall number of detached home sales in the greater Albuquerque market saw a 9.09 percent increase compared to the same period last year. While the 2,153 homes sold in the overall region broke first quarter records going back to 2006, Albuquerque saw more gains than other areas of central New Mexico. The number of detached homes sold in Albuquerque increased by 14.68 percent over Q1 2015, while the number attached homes sold in the same region surged by 32.85 percent.

Compared to the first quarter 2015, Rio Rancho saw a rise in the number of detached homes sold by 7.36 percent while the number of attached homes sold were down by 14.29 percent. East Mountains experienced an 8.05 percent upturn in the number of homes sold while Valencia County noticed a 16.89 percent decrease.

As the overall number of homes sold in the first quarter 2016 increased, the average number of days on market dropped by 14.47 percent compared to first-quarter 2015. Detached homes in Albuquerque continued to sell the fastest with an average of only 60 days on the market. New listings in the greater Albuquerque market were finally up slightly as well. With 4,124 new home listings, inventory of detached homes saw a bump of 2.69 percent compared to the first quarter last year.  Attached homes on the market jumped even more with a 15.14 percent increase.

The median and average sales prices maintained their stable growth in Q1. Compared to the same period in 2015, the average sales price increased by 5.69 percent. The median home price grew by 4.65percent over the first quarter last year. In the first quarter 2016, the average detached home sales price was $216,222 and the median detached home sales price was $179,000.

“As the housing market continues to improve, more sellers are putting their homes on the market.,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of REALTORS®. “However, the number of new sales are outpacing the number of new listings resulting in a less than three month supply of homes on the market. Homes that are priced right and in great condition sell very quickly.” he added.

To see the full report for 1st quarter 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.