ABQ Metro Housing Market Improvements Continued through Q4
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 Metro Housing Market Improvements Continued through Q4
Albuquerque, NM (January 20, 2017) – The Greater Albuquerque housing market maintained steady improvements through the last quarter of 2016. The increases in both the price and number of existing homes sold boosted the market’s total sales volume to $583.8 million – a 10.8 percent improvement over Q4 2015.
With 2,467 existing detached homes sold in the fourth quarter 2016, the Greater Albuquerque housing market saw a 6.66 percent increase over the same period last year. The number of townhome and condo sales also improved by 4.58 percent compared to the fourth quarter 2015.
While the number of homes sold is impressive and is higher than any time since 2006, some specific regions had even greater gains. The 86 homes sold in North Rio Rancho represent an 82.98 percent increase over Q4 2015. The number of detached homes sold in Uptown, Near South Valley and North Valley increased 40.98 percent, 37.14 percent and 35.48 percent respectively while the number sold in other neighborhoods declined up to 63.64 percent.
As the number of homes sold in the fourth quarter 2016 increased, the average number of days on market is at the lowest level since 2007. Compared to Q4 2015, detached homes sold in an average of 55 days, 8.33 percent faster than last year. Rio Rancho homes sold the fastest with an average of 49 days on the market. The faster sales are largely due to the continued downward trend in new listings. The 2,977 detached-home listings added in the last quarter 2016 represented a 4.37 percent drop compared to 2015’s final quarter.
The median and average sales price for detached existing homes also continued to improve. The average sales price in the last quarter of 2016 rose to $221,456, a 4.14 percent increase compared to the same period in 2015. The median home price of $189,000 is even better with a 5.00 percent improvement over the fourth quarter last year.
“While the fourth quarter typically is a slow period for the market, 2016 was the exception” said Don Martindell, 2017 President of the Greater Albuquerque Association of REALTORS®. “The increased activity with improved home prices continued to the year’s end,” he noted. Adding, “This is a good position for the area’s housing market as we enter 2017.”
To see the full report for 4th 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.