2018 3rd Quarter Housing Market Update

 


Below is a brief update on how the Greater Albuquerque Area has done this past quarter compared to past years. We have seen a nice trend in growth in sales indicating that sellers as well as buyers are more than willing to make moves. Until recently, we had not seen as large of a number of moves by all aspects of the housing market. Some credit consumer confidence as the main influence on seller and buyer sales and purchases. Currently our listing inventory as been hovering consistently at about 3500 listing for several months and 1600 pending at the same time. This indicates about two months of inventory on the market, or one could say that in the next 6 weeks or so buyers will absorb nearly half of the inventory currently on the market. This trend has held steady for this last quarter of 2018.

  • Detached home sales totaled 3,297 units, a 5.4 percent increase when compared to 3rd quarter 2017.
  • The median sales price for detached homes increased to $209,900, a 4.82 percent increase from a year ago.
  • Average sales price for detached homes increased 4.05 percent to $248,059.
  • Townhome and condo sales totaled 306, an increase of 10.79 percent when compared to the 3rd quarter 2017.

Upward Trends in Every Area Except…

We have seen increases in homes sales in every category except one, days on market. Basically homes are selling for more but in less time compared to last year. For sellers, this is positive and for buyers, it may be an indicator that waiting till the spring to buy a home may cost them more the longer they wait.

No MLS District Left Behind . . .

All areas in Greater Albuquerque experienced increases. The areas experiencing the largest jumps were in historically higher price point communities including Corrales and Placitas.



We Can Help You . . .

Whether you are selling, buying or investing in real estate, we are your trusted source for consultation. We would love to sit down with you and do a free buyer, seller or investment consultation to determine how we can best help you with your real estate needs.

  

 

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