My own neighborhood of Pueblo Alto is located on the east side of the UNM area just north of Nob Hill. With great access to UNM and Nob Hill as well as Uptown and the highway, PANA, as the neighborhood is also known, is a classic strong seller in the UNM Midtown area.
Indeed, 2105 was for the most part a strong year, with the average (mean) selling price of a home up a hair over 3% and the median home price up almost 8% over 2014. List prices have closely mirrored those increased selling prices as sellers gain confidence in the market.
Eighteen homes sold in 2015, up a couple over 2014, at an average of 96% of the asking price. Both the average and median price per square foot of homes in the neighborhood declined from around $150 into the $130s, however that was in large part due to a handful of larger homes selling. Larger homes tend to sell at a lower price per square foot.
The high sale in Pueblo Alto was $299,900 in 2015, sharply lower then the $339,000 high in 2014. The vast majority of homes in PANA sell for under $300k but we do average one or two above that threshold each year, so in that sense, 2015 missed the mark.
We did see a sharp increase in the number of days on market it took to sell a home in Pueblo Alto, both average and median. A couple of factors there: In 2014 no homes took longer than 128 days to go into escrow and only two took longer than 100 days.
In 2015 we had one oddball home on Madison with a basement that comprised almost half it’s square footage take 498 days to go into escrow. We also saw a short sale, also on Madison, linger on the market for 213 days and a poorly marketed home on Manzano sit for 202 days.
Still, that higher median marketing time says 2015 saw quite a few homes take too long to sell.
Slow sales are rarities for PANA and I expect we’ll see the sales pace increase in 2016. On the other hand, there is a home on Adams and one on Manzano that have been lingering (160 & 170 days respectively) and will skew the stats somewhat when they sell.
If you’d like more detail on anything here or a specific market analysis for a home you are thinking of selling or buying, drop me a line.
- – Joe LaMastra, Coldwell Banker Legacy, February 2, 2016