ABQ housing market is heating up - Albuquerque Journal

ABQ housing market is heating up

The median sales price for homes sold in the Albuquerque metro area reached $199,000 last month, as sales activity heated up and inventory remained low.

The number of homes sold continued to climb, according to data provided by the Greater Albuquerque Association of Realtors. The median price for June was 4.3 percent higher than June 2015, according to the association. A total of 1,076 homes closed in June, up 9.3 percent from last year.

Also, there were 1,173 pending sales, a drop of 1.2 percent from 2015.

The average sales price stood at $235,110, up nearly 4 percent from last year.

The data cover the city of Albuquerque and Bernalillo, Valencia, Sandoval, Torrance and parts of Socorro and Santa Fe counties.

The association said houses sat on the market for an average of 45 days in June before selling, a decrease from 56 days in June 2015.

The $253 million in sales volume for detached residences was up 13.6 percent year-over year. The number of active residential listings decreased to 3,553, or close to 13.1 percent, in June.

Real estate professionals said the price hike is due to a combination of factors, beginning with simple supply and demand. With low interest rates, competition should be brisk for well-priced homes and condos, especially those that show well.

In a previous interview, Jon Schnoor, assocation president, said every new listing seems to draw lots of showings and offers. Demand will persist because there are more willing buyers than there are homes.

The cascade effect of an active summer housing market is also being seen by mortgage brokers, home inspectors and title insurance companies. “It’s been crazy busy,” for all of them, said Eva Medcroft, association manager of communications and outreach.

To see the full report of June market statistics, go to GAAR.com and click on market statistics.

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