Albuquerque Home Sales Statistic
Albuquerque Home Sales Statistic September 2016:
Here are the Highlights for September 2016, Albuquerque Home Sales Statistic
- the median detached price rose 18.4% to $195,000
- the average detached price rose 2.7% to $227,898
- the number of new listings increased 6.5% for single-family detached homes and 31.0% for condos, town homes and other attached homes
- overall inventory of detached home for sale dropped 14.3% in September
- detached homes sold in an average of 49 days – which is 16.9% faster than in September 2015
- the 969 detached homes sold in September 2016 – a 4.5% increase compared to 2015
- pending sales increased 15.7% for detached homes
Today’s demand is generally driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.