Statistics for Albuquerque and Rio Rancho Even Better Than Expected
“Albuquerque and Rio Rancho remain seller’s markets” said GAAR President Don Martindell, President of the Greater Albuquerque Association of Realtors (GAAR), in a recent statement. Martindell continues to say “Our housing market is very fast-paced right now, “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.”
According to April’s statistics from the Greater Albuquerque Association of Realtors, the metro area is experiencing a significant increase of homes under contract. GAAR reports a 14-year high with 1,299 detached homes placed under contract in March, representing a 22.7 percent increase from the same time last year. Last month, 1,011 detached homes and 90 townhomes and condos were sold, an 8.4 percent increase from last year. Townhome and condo sales spiked in March, increasing by 48.1 percent.
Homes are also selling fast, with a 54-day average stay on the market, a 16.9 percent tick from last year. Townhomes and condos are selling in 43 days on average, 32.8 percent faster than last year. Detached homes in the greater ABQ Homes are also selling fast, with a 54-day average stay on the market, a 16.9 percent tick from last year. 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.
Highlights From the GAAR April sales report
- the median detached home price rose 5.1 percent to $194,500
- the average detached price increased 8.8 percent to $235,875
- the number of new detached listings decreased by 3.0 percent to 1,631
- overall inventory of detached homes for sale decreased 24.8 percent to 3,001
- the number of closed sales for detached homes increased 0.8 percent to 981