ABQ housing market very energetic heading into Spring
FOR IMMEDIATE RELEASE
Contact:
Don Martindell, President,
505-263-7618, president@gaar.com
Kent Cravens, Executive Vice President,
505-724-3481, kent@gaar.com
ABQ housing market very energetic heading into Spring
Albuquerque, NM (April 10, 2017) – Albuquerque-Metro housing market activity is already breaking records leading into the peak season for real estate. Buyers have taken note of the low inventory and need to act fast, leading to a surge in the number of homes under contract.
Pending sales are at a 14 year high. The 1,299 detached homes placed under contract in March represents a 22.7 percent increase over the same period last year. Compared to March 2016, the 154 pending townhome and condo sales increased 48.1 percent.
The number of homes sold in March 2017 rose as well. The 1,011 detached homes and 90 townhomes and condos sold in March 2017 marked a 8.4 percent increase for each category over the same period last year.
The increased market activity continued to impact the speed in which homes sold. Detached homes sold in an average of 54 days this March, 16.9 percent faster than in March 2016. Townhomes and condos are selling in 43 days on average, 32.8 percent faster than last year. Detached homes in the greater ABQ market were fairly well priced in March and received, on average, 97.7 percent of the list price.
The upward trend of Greater Albuquerque’s median and average home sales prices continued through March. For detached homes, the median sales price rose 4.2 percent to $187,500 and inched up 1.3 percent to $139,000 for townhomes and condos. The average sales price for detached homes increased 3.2 percent to $222,759, while the average price of $154,378 represented a 7.2 percent increase for townhomes and condos.
Central New Mexico’s increased housing market activity did not extend to inventory. Compared to 1,661 new listings in 2016, this March’s 1,662 newly added detached homes for sale represents a negligible 0.1% increase compared to last year. The 189 new single-family attached listings represents a 34.0 percent increase over last year’s 141 newly listed townhomes and condos. Compared to 2016, March 2017’s detached home inventory is down 24.2 percent, and townhome and condo inventory is 26.6 percent lower than last year.
“Our housing market is very fast-paced right now,” said Don Martindell, 2017 President of the Greater Albuquerque Association of Realtors. “Homes that are priced right are selling fast in popular locations in Albuquerque and Rio Rancho, like the Northeast Heights, Paradise West and neighborhoods in the valley.” He added, “As we kick off the season with our Grande Open House event, Albuquerque and Rio Rancho remain a seller’s market.”
To see the full market indicator report for March 2017 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.