December Home Sales See 17 Percent Gain
Albuquerque, NM (January 10, 2010) – December 2019 residential real estate activity in the Greater Albuquerque markets finished the year with detached homes sales exceeding 16 percent from the prior year. Detached homes for sale continued to decline with a 34.6 percent reduction from the prior year.
“Housing inventory continues to remain low compared to prior years,” said Sherry Fowler, 2020 President of the Greater Albuquerque Association of REALTORS®. She added, “We are seeing strong numbers for homes going under contract and sales reported, while there is limited availability for buyers at certain price ranges.”
Closed Sales for single-family detached homes, which includes a mixture of both resale and new construction, were at 966 units for the month, a 16.7 percent increase from the previous year. New Listings coming on the market for December decreased 15.7 percent from the previous year to 718 units. Pending Sales increased 16.3 percent to 791 units. Inventory of homes for sale saw a decrease of 34.6 percent, bringing inventory levels to 1,749 units and representing a 1.7-month supply of homes. Detached homes sold on average in 41 days, 21.2 percent faster than this time last year. The Average Sale Price for December 2019 was at $264,617, a gain of 14.9 percent from the prior year. The Median Sale Price was at $226,000, increasing 7.6 percent from December 2018.
Condos and townhomes, or attached units, saw a 7.0 percent increase in sales from December 2018 with 107 sales recorded for the month. New Listing activity in December showed a 7.9 percent gain from the prior year with 82 listings added to market inventory. Overall Inventory of attached homes for sale was at 152 units, a 38.0 percent reduction from December 2018.
Attached homes sold on average in 50 days and are selling 4.2 percent slower when compared to the same time last year. For attached homes the Median Sales Price increased 16.7 percent to $175,000, with the Average Sales Price of $177,511, rising 14.9 percent from December 2018.
To see the full report for the December 2019 market statistics, go to http://www.gaar.com/market-statistics.
About GAAR
The Greater Albuquerque Association of REALTORS® (GAAR) is the largest local professional trade association in Central New Mexico with nearly 3,900 members who have pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is the Voice for Real Estate for the Greater Albuquerque Area and the trusted source for accurate real estate market data and trends.
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