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Q2 Home Prices And Sales Increased As Inventory Tightened

FOR IMMEDIATE RELEASE

Contact:                   

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

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

Q2 home prices and sales increased as inventory tightened

Albuquerque, NM (July 22, 2016) – In the second 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 placed on the market when compared to 2015 dropped by 25.54 percent.

With 3,029 homes sold in the second quarter 2016, detached home sales in the greater Albuquerque market saw a 9.19 percent increase compared to the same period last year. At the same time, the 313 townhomes and condos sold in the Albuquerque Metro market reflects a 19.47 percent increase.

Compared to the second quarter 2015, Rio Rancho saw a rise in the number of detached homes sold by 16.10 percent while the number of attached homes sold were down by 10.00 percent. East Mountains experienced a 16.10 percent upturn in the number of homes sold while Valencia County noticed a 19.86 percent increase.

As the overall number of homes sold in the second quarter of 2016 increased, the average number of days on market dropped by 19.35 percent compared to second quarter 2015 – breaking records going back to 2008. Detached homes in Albuquerque and Rio Rancho continued to sell the fastest with an average of 46 days on the market each. Meanwhile, homes sold in the East Mountains and Valencia County improved from an average of 94 days and 85 days on market respectively to only 77 days.

New listings in the greater Albuquerque market remained very low in Q2. With 3,630 new home listings, the number of detached homes listed in the second quarter of 2016 plunged 25.54 percent compared to the second quarter last year.  At the same time, the number of attached homes on the market experienced a 9.98 percent increase.

The median and average sales prices in the metro area maintained their stable growth through the second quarter 2016. Compared to the same period in 2015, the average sales price increased by 4.26 percent to $228,003 and the median home price grew by 4.62 percent to $192,500.

“As the inventory continued to tighten, homes sold faster at a higher price,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of REALTORS®. “While the overall Greater Albuquerque area improved, the most homes were sold in the Northeast Heights, Mid Rio Rancho and the Southwest Heights” he added.

To see the full report for 2nd 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.