Kent Cravens, Executive Vice President,
ABQ’s Housing Market Finished 2016 on a High Note
Albuquerque, NM (January 10, 2017) – Most of 2016 offered the same monthly highlights for the Greater Albuquerque housing market. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in in Albuquerque metro markets. Unemployment rates for the metro region were relatively low and, as the year waned, we saw mortgage rates increase – which is not expected to have a negative impact on real estate in 2017.
The 875 detached homes sold in December 2016 marked a 3.6 percent increased over the same period last year and the 78 townhomes and condos sold represented a 15.2 percent decrease compared to December 2015. For the year, pending sales are up 8.3 percent for detached homes and 5.8 percent for townhomes and condos when compared to 2015, indicating that home sales should remain strong as we start the new year.
While the inventory of detached homes for sale in the Albuquerque metro market was down by to 20.9 percent compared to the same period last year, the 830 detached homes newly listed for sale in December represented 5.6 percent year-over-year increasse4. Newly listed townhomes and condos decreased by 10.0 percent compared to December 2015.
The median sales price in the metro area jumped by 8.6 percent to $190,000 for detached homes and remained static with a negligible 0.4 percent increase for townhomes and condos. The average sales price for detached homes rose 7.8 percent increase to $222,112 as the average price for townhomes and condos dropped 5.5 percent to $140,548.
“The overwhelming feeling about prospects in Central New Mexico’s residential real estate for the immediate future is optimism,” said Don Martindell, 2017 President of the Greater Albuquerque Association of Realtors. “Local real estate professionals are letting us know they are as busy as ever.” He added, “There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for creative and diligent people prepared to put in the time and effort.”
To see the full market indicator report for December 2016 market statistics, go to GAAR.com and click on Market Statistics.
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 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.
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