ABQ Home Sales Heat Up in June

Monday, July 11th, 2016 at 2:17pm.

FOR IMMEDIATE RELEASE

Contact:                   

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

Kent Cravens, Executive Vice President,
505-724-3481 office, 505-459-5368, cell orkent@gaar.com

 

ABQ Home Sales Heat Up in June

Albuquerque, NM (July 11, 2016) – The Albuquerque-area housing market’s positive sales trend continued into the early summer. The number of homes sold, the average and median price, and the speed in which they sell all show sustained improvements, while the number of homes available for sale continued to drop.

Compared to June 2015, median detached home prices for the month of June rose 4.30 percent to $199,000 and the average home sales price grew 3.88 percent to $235,110. Although home prices continued to rise, the number of homes placed on the market continues to drop. Homes for sale, or inventory, continues to decline in the metro area to 3,553 down 13.11 percent from last year. 

Last month’s 1,076 detached home sales reflected a 9.35 percent improvement compared to the same period last year. As the number of homes sold increased and inventory tightened, homes sold 19.64 percent faster than last June with an average of 45 days on the market.

The most improved market areas for detached home sales are Albuquerque and Rio Rancho. While $200,000 to $249,999 remains the top selling price range in the Greater Albuquerque market, the $120,000 to $179,999 and $250,000 to $399,999 ranges both show strong improvements once again. 

The metro area’s townhome and condo market also improved last month.  The 110 attached homes sold reflected a 20.88 percent improvement over last year, while the average sale price remained relatively unchanged at $159,821 – down only 0.13 percent. Last month’s median price of $153,250 for townhomes and condos was a slight drop of 1.45 percent compared to the same period in 2015.

 “As we move into the busy summer months, our housing market remains strong,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of REALTORS®. He added, “As the primary detached home market remains healthy, the metro-area’s condo and townhome market is showing the early signs of improvement as well.”

To see the full report for May 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.