Albuquerque Housing Market Soars In October 2014
Wow. the Albuquerque housing market took off in October 2014. The number of Albuquerque homes sold in October 2014 increased by 11.75% as compared to October 2013. This is the first month homes sales have increased year over year since March of this year. In fact, the Albuquerque housing market has seen increased sales for 3 months this year compared to 2013. The number of homes soled in the Albuquerque housing market has decreased in seven months this year. This is great news for home owners in Albuquerque, however one month is not a trend.
The median price of Albuquerque homes increased by 6.47% in October 2014 compared to October 2013. The median price for Albuquerque homes is $181,000 in October 2014.
The average price of Albuquerque homes increased by 5.43% in October 2014 compared to October 2013. The average price for Albuquerque homes is $219,544 in October 2014.
The average days on market for Albuquerque homes for sale decreased by 3.23% and stands at 60 days in October 2014.
The Albuquerque housing market experienced an increase in inventory by 7.58% in October 2014 compared to October 2013. The number of new listings in the Albuquerque market also increased by 11% in October 2014 compared to October 2013.
So what does all this mean for the Albuquerque housing market? October was a strong month for home sales, however, it is just one month and it is difficult to make predictions based on one data point. In addition the Albuquerque housing market historically experiences a significant reduction in home sales from November through February. The Albuquerque housing market is still solidly a buyers market. Many of the major cites in the southwest United States is experiencing a seller’s market and a shortage of inventory on the market.
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John Myers, Owner and Qualifying Broker
Myers & Myers Real Estate
Office: 505 401-7500
Cell: 505-401-7500
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Map of Albuquerque, New Mexico
All data is taken from the Greater Association of Albuquerque of Realtors monthly market statistics.
