The Greater Albuquerque Association of Realtors Released their May 2017 Market Report for the Greater Albuquerque Area.
This is a research tool provided by the Greater Albuquerque Association of REALTORS® (GAAR)
with data from Southwest Multiple Listing Service, Inc. (SWMLS). The SWMLS market areas includes Albuquerque, Corrales, Placitas, Rio Rancho, Bernalillo, East Mountains/Estancia Basin and most of Valencia County. Percent changes are calculated using rounded figures.
The following are excerpts from the report. Click here to download the May 2017 Local Market Snapshot reports, presented by zip code and MLS area.
Highlights From the Greater Albuquerque and Rio Rancho May Sales Report
- the median detached home price rose 5.2 percent to $199,950
- the average detached price increased 4.0 percent to $235,723
- the number of new detached listings increased by 13.7 percent to 1,836
- overall inventory of detached homes for sale decreased 19.6 percent to 3,266
- the number of closed sales for detached homes increased 17.5 percent to 1,196
Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear
compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.
New Listings increased 13.7 percent for Single-Family Detached homes and 7.2 percent for Single-Family Attached homes. Pending Sales increased 20.7 percent for Single-Family Detached homes but remained flat for Single-Family Attached homes. Inventory decreased 19.6 percent for Single-Family Detached homes and 27.4 percent for Single-Family Attached homes. The Median Sales Price increased 5.2 percent to $199,950 for Single-Family Detached homes but decreased 4.5 percent to $139,950 for Single-Family Attached homes. Absorption Rate decreased 24.4 percent for Single-Family Detached homes and 28.3 percent for Single-Family Attached homes.
In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism for the Summer 2017 buying and selling season.