UNM Area Home Sales, September 2016

After a torrid August, it’s a bit surprising to see UNM area homes sales backslide in September. That’s particularly notable since September was strong in Albuquerque overall. It’s critical to keep in mind the small size of the UNM market and know that when we’re talking about 39 sales, the numbers can swing easily based on just a few homes.

A classic UNM area interior might look like this

So, what do we have? The 39 homes sold in September was a nice 8.33% increase over last year and for the year-to-date (YTD) the UNM area has sold 360 homes, a 9.09% increase over the first three quarters of 2015. So far, so good. Both of these numbers out-performed the overall Albuquerque market.

But September also saw the median home price around UNM drop 5.33% from $253,500 in 2015 to $240,000 in 2016. The mean selling price of a UNM area home also dropped a solid 8.00% from $261,740 in September 2015 to $249,232 this September.

Since the mean takes into account all the sales, it’s more likely to be influenced by a low sale. There were a few $30,000 condo sales down near Gibson that certainly helped pull the mean down.

On the plus side, the YTD sales show a median price of a UNM area home of $234,000. That’s a nice increase of 3.88% over last year’s price of $225,250. That number, representing the first three quarters of 2016, also out-performed the Albuquerque market, if slightly.

YTD the mean home price is holding virtually steady, up only a skosh, from $245,848 in 2015 to $246,163. Again, we’ve seen a number of the Eagles Nest Condos sell in the $20k – $30k range and that’s definitely pulling the mean down.

This is a table view of Albuquerque’s UNM Area home sales statistics for September 2016

Not shown in the chart below is the 3.75% drop in the median price from this August. The median UNM area home price in August was $249,000 versus September’s $240,000.

Price per square foot was down in September over last year and up only slightly for the first three quarters of 2016 compared to 2015. The median price per square this September was $152, down 2.56% from last Sept’s $156. The YTD price, representing the first three quarters of 2016, was up just a couple bucks, to $147. That’s a 1.38% increase over last year’s same period price of $145

Homes that do sell in the UNM area are selling at 95.99% of the listed price. That means buyers are getting about 4% off asking price. The Albuquerque discount is less, with homes selling at 97.38% of asking price. The UNM area has always been a strong market, seller know that and price aggressively. The up and down nature of the UNM market in the last year has resulted in some over-pricing, and we’re seeing that in the discount numbers.

There are mixed numbers in speed of sale. Half the homes in the UNM area went into escrow in 35 days or less (median) in Spetember, about a third faster than last September’s 52 days. For the first three quarters of 2016 that median number was 34 days to escrow, still a solid 17.07% faster pace than 2015.

But the mean days on market was actually slower for September by 16.18%, 79 days this Sept versus 68 days last. Same trend shows for the YTD numbers. This suggests there were a number of homes that took longer to sell this year than last.

I’ve thrown in some price range charts, below, so you can see where both sales and listings are clustering by price.

This is a table view of Albuquerque’s UNM area home sales by price range for September 2016

This is a table view of Albuquerque’s UNM area home sales by price range for YTD September 2016

This is a table view of Albuquerque’s UNM area home listings by price range for September 2016

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, October 24, 2016