The summary of the Greater Albuquerque area real estate market for October 2016 is out. The latest numbers show that our real estate market continues to look good with prices improving year over year, homes selling faster and inventory dropping. Here are the highlights comparing October 2016 to October 2015 and the news is all rosy.
- The median detached price rose 3.3 percent to $189,000
- The average detached price rose 2.7 percent to $218,532
- The number of new listings dropped 10.5 percent for single-family detached homes and 6.8 percent for condos, townhomes and other attached homes
- Overall inventory of detached homes for sale dropped 17.1 percent in October
- Detached homes sold in an average of 54 days – which is 8.5 percent faster than in October 2015
- 998 detached homes sold in October 2016 – a 5.1 percent decrease compared to 2015
- Pending sales increased 19.4 percent for detached homes
I would love to treat you to a cup of coffee and give you the latest market news in your specific neighborhood! So if you are curious, just ask. To get a more detailed breakdown visit Albuquerque Area October 2016 Market Statistics
Also, if you love just looking at homes in the area, I encourage you to visit www.nest.me/luckydog. This is a private site that allows you to search the entire MLS and has some cool search features. My buyers and friends have raved about it!
Thanks for reading and have a wonderful Thanksgiving!