The October home sales stats were strong once again last month as market conditions continue to strengthen across the area. Sales were up in number, and prices were too as available home inventory continued to shrink.
Due to the cyclical nature of real estate, this report compares sales stats year over year, not month over month. These are not the official numbers from the board of Realtors, although the information in this report does come from the Southwest MLS.
Albuquerque Home Sales
Homes sales were up 9% in October. 643 home sales have been reported so far, up from 605 in October 2014. Pending home sales were up 12%, leading to a decline of available homes by 17%.
REO sales (foreclosures) declined about 3%, moving from 15% of the market in last October to 12% this October. Short sales continued their decline, moving from about 4% of the market to 3%.
The average sales price held steady, while the median sales price was up 2.5%.
Rio Rancho Home Sales
Home sales were strong in Rio Rancho too, up 26%. 160 closed home sales have been reported so far, up from 127 closed sales this month last year. Pending sales were up an impressive 32%; available homes were down by 26%.
REO (foreclosure) sales made up 21% of closed sales both this October and last October. Short sales, however, decreased from 6% of the market last year to 4% this year.
The average sales price increased 9% and the median sales price increased about 3%.
The direction of the market remains clear: increased sales and declining home inventory will to lead to further gains in home values. Home shoppers will become increasingly challenged to find homes to buy with few homes to choose from, especially in the lower price ranges and more popular areas.
by Albuquerque Realtor Rich Cederberg, eXp Realty (505) 803-5012. These are preliminary stats based on the MLS sales that have been reported so far, as of November 22nd, 2015. A small handful of lingering sales may still 0be reported.
Special note: the numbers reported in the news media are usually for the metro area as a whole. My monthly reports break down the sales by city. Indeed, the Albuquerque and Rio Rancho real estate markets frequently behave differently.
These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 10/19/2015. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included. To read the entire report go here.