UNM area home sales were up 30% this February over last by unit sales and UNM also saw a 17% jump in the median price of a home. In February 2015 there were 19 closings in the UNM area at a median price of 197,000 while this February we saw 25 homes close with a median price of $230,000.
The price per square foot of a home sold in the UNM area also took a respectable 3.68% rise in February over last year, from $136 to $141. The fact that the median home price in February outpaced the median price per square foot tells us that buyers bought larger homes – essentially the opposite of what we saw in the overall Albuquerque market, where median price declined while price per square increased in February.
The mean price of a home in the UNM area remained essentially unchanged due to a basic lack of sales in the upper half of the market, with this February’s mean of $228,027 an insignificant .08% increase over last year’s $227,885.
The year to date (YTD) numbers for the first two months of 2016 hewed fairly close to the February trend with a strong median increase of 10%, less than a half percent increase in mean price and only slight movement by the square foot (the mean actually down by 1.4% and the median up 1.5%)
It took longer to sell those pricier UNM homes this winter. In February 2016 the median days on market was 90 compared to last February’s 74 days. YTD, again the trend held and even widened a bit, with it taking 97 days to get a UNM area home into escrow this year over last year’s 64 days.
As in the Albuquerque home market in general, a major factor in the UNM home market was less inventory and stronger buyer demand. In February 2016 there were 146 homes actively for sale. That’s a 15% decline over last February’s 172 homes. There were 44 homes pending sale this Feb. compared to 36 last, a 22% increase in escrowed homes. We do see a sharp increase in homes coming on the market this February, with the 64 new listings leapfrogging last February’s 41 new listings by 56%.
REOs (foreclosed homes) and short sales were not a factor in February – none this year and none last – but perhaps a slight factor in the YTD numbers, since two of both came off the market last winter and none at all this.
If you want more detailed information than my above chart, info on your own neighborhood specifically, or an analysis of your own home’s value, drop me a line.
– Joe LaMastra, Coldwell Banker Legacy, March 23, 2016