Buyer demand remains strong as we move into June
Albuquerque, NM (June 10, 2015) – With 903 single-family detached home sales closed and 1,234 more under contract at the end of May, The Greater Albuquerque metro market shows steady gains that highlight the fact that buyer demand is still strong. May’s single –family detached homes sales have increased by 13.3% over the same month one year ago and 6.99% over last month. The number of homes under contract also had a substantial 23.90% increase over May 2014.
While inventory of single-family detached homes in May had a slight 0.30% increase since last month, overall, 3,964 listings represent a 9.17% decrease when compared to the same month last year.
Average sales price and median sales price hovered around the same as one year before. The top selling range is between $200,000 and $249,000 in May. This bolstered the median sales price to $181,000, which has shown improvement month over month since last summer. While the average sales price was only at $218,228 in May, it too has shown a month-over-month improvement in 2015.
“The selling season started early this year.” said Paul Wilson, 2015 President of the Greater Albuquerque Association of REALTORS®, “REALTORS® are reporting increased activity with some houses selling in less than 30 days. With the large number of homes under contract at the end of May, REALTORS® are optimistic that the strong buyer interest will continue through the summer.” He added, “We hope that that the increased buyer activity inspires more potential sellers to enter the market this summer as well.”
To see the full report for May market statistics, go to GAAR.com and click on Market Statistics.