abq housing market improves

Greater Albuquerque Association of REALTORS®

IN THE FIRST QUARTER OF 2016, THE

OVERALL ALBUQUERQUE housing market continued to experience stable gains. The number of homes sold and sales price increased, plus the number of homes for sale finally saw a bump of 2.69 percent.

With 2,153 homes sold in the first quarter of 2016, the overall number of detached home sales in the greater Albuquerque market saw a 9.09 percent increase compared to the same period last year. The 2,153 homes sold broke first quarter records going back to 2006, plus Albuquerque saw more gains than other areas of central New Mexico. The number of detached homes sold in Albuquerque increased by 14.68 percent over quarter one in 2015, while the number of attached homes sold in the same region surged by 32.85 percent.

Compared to the first quarter of 2015, Rio Rancho saw a rise in the number of detached homes sold by 7.36 percent while the number of attached homes sold were down by 14.29 percent. East Mountains experienced an 8.05 percent upturn in the number of homes sold while Valencia County noticed a 16.89 percent decrease.

As the overall number of homes sold in the first quarter of 2016 increased, the average number of days on the market dropped by 14.47 percent compared to the first quarter of 2015. Detached homes in Albuquerque continue to sell the fastest with an average of only 60 days on the market. New listings in the greater Albuquerque market were up slightly as well. With 4,124 new home listings, inventory of detached homes saw a bump of 2.69 percent compared to the first quarter of last year. Attached homes on the market jumped even more with a 15.14 percent increase.

The median and average sales prices maintained their stable growth in quarter one. Compared to the same period in 2015, the average sales price increased by 5.69 percent. The median home price grew by 4.65 percent over the first quarter of last year. In the first quarter of 2016, the average detached home sales price was $216,222 and the median detached home sales price was $179,000.

“As the housing market continues to improve, more sellers are putting their homes on the market,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of REALTORS®. “However, the number of new sales are outpacing the number of new listings resulting in a less than three month supply of homes on the market. Homes that are priced right and in great condition sell very quickly,” he added.

To see the full report for 1st quarter 2016 market statistics, go to GAAR.com and click on Market Statistics.