The median UNM area home price in June was $242,000, up 13.35% from June 2015. The mean selling price of a UNM area home was up 10.42%, from $238,895 in June 2105 to $263,780 this June. The increased mean shows there was finally some strength at the top end of the UNM home market – in fact, four homes sold in June at or above $500,000 while in June 2015 there were no sales in that range (not charted).
Year-to-date (YTD), the mean home price is still off, with the first half mean of $239,595 down 1.93% from the first half of 2105. So, overall this year, there is still some top end weakness in the selling price of a home in the UNM area. But the median home price is up 3.14% for the first half of 2016 and so far this year half the homes around UNM have sold at or above $230,000, compared to $223,000 over the first half of 2105.
Price per square foot came up nicely as well, with both median and mean hovering around $160 in June. Over the first 6 months of 2016, however, the price per square foot is almost even with the first half of 2015 at $146.
No short sales in June and none in the first half (5 in the first half of 2015) and while there was only one REO (bank owned) this June compared to two last, in the first half of 2016 there were 9, unchanged from the first half of 2015.
Half the homes that sold in June came off the market (went to escrow with an accepted offer) in a blistering 20 days or less compared to last June’s 34 days. Over the first half that off-market speed was slower, at 41 days compared to 46 days in 2105.
In fact, if you look at the YTD side of the chart, you’ll see that over the first half of 2016, the UNM area has not exactly burned it up compared to 2015. There was a decent median price gain, some declines in price per square foot, and a reduction in active and new listings as well as an increase in pending sales.
For the first half of 2016, what looks like notably faster off-market times (mean and median days to sell) in UNM neighborhoods actually under-performs the overall Albuquerque home market. Albuquerque saw half its homes come off the market in 34 days or less, a 33% faster pace than the 51 days it saw in 2015. UNM’s median 41 days to come off-market was only an 11% improvement over the first half of 2015.
Of course, the sample sizes between the UNM area and Albuquerque proper are vastly different, so we’re a little apples to oranges there.
Regardless, UNM looks to be picking up steam and a strong summer selling period could put the UNM area home market back near the top as far as Albuquerque neighborhoods go.
If you want more detailed information than my above chart gives, info on your own neighborhood specifically, or an analysis of your own home’s value, or one you are interested in, drop me a line.
– Joe LaMastra, Realty One of New Mexico, July 28, 2016