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Central New Mexico’s housing market grew 11.87 percent in 2016

FOR IMMEDIATE RELEASE

Contact:                   

Don Martindell, President,
505-263-7618, president@gaar.com

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

Central New Mexico’s housing market grew 11.87 percent in 2016

Albuquerque, NM (January 31, 2017) – The 2016 annual statistics show Albuquerque metro area’s housing market performed even better than the gains of 2015. Compared to the previous year, the region saw more homes sold at a higher average and median price for single-family detached homes, townhomes and condos.

While the $224,230 average sales price for detached homes was 4.13 percent higher than the $215,331 of 2015, the median sales price rose even more. The 2016 median price for detached homes sold grew by 5.42 percent to $189,755, up from $180,000 in 2015. The median price of townhomes and condos remained stable with a slight 0.54 percent increase. 

The increase in the average and median sales are due, in part, to the shrinking inventory of existing homes for sale. At the year’s end, the number of homes listed for sale was 3,247 representing the lowest inventory since May 2006.

The number of homes sold in 2016 jumped by 7.65 percent compared to the 10,928 sold in 2015. The 11,764 detached and attached homes sold in 2016 was the highest annual level since 2006. Most homes sold last year were single-family detached, accounting for 10,735 of the sales. Townhome and condo sales increased by 6.96 percent to 1,029 sales by year-end 2016.

 “The Albuquerque metro area’s housing market was very active in 2016,” said Don Martindell, 2017 President of the Greater Albuquerque Association of Realtors. He added, “Since more homes sold at a higher price point, our local housing market grew to $2.56 billion in 2016. That’s up by more than 11 percent from a very successful 2015!”   

To see the full report for 2016 Annual 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 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.

For media assistance, please contact Eva Medcroft at 505-724-3461 or eva@gaar.com.