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UNM Area Home Sales Summary June 2015

Existing home sales in the UNM area of Albuquerque remained essentially weak both for the month of June and the first half of 2015 compared to last year. Solid gains in unit sales in June and in the first half of 2015 were offset by weak mean and median home prices and a slower selling pace. We’ve even seen an increase in REO (foreclosure) and short sales this year so far. A decrease in asking prices for homes in Lobo Country makes you wonder if higher quality homes (read, higher priced) are being held off the market, or if sellers are dumping investments.

So, we’re seeing a good number of sales, with June’s 40 homes sold a 29.03% increase over June of 2014 and the 198 homes sold around UNM in the first half of 2015 a solid 23.75% increase over the first half of 2014. The interest is there and buyers are snapping up homes, but they aren’t paying much for them, at least not compared to 2014.

The median selling price of a UNM area home was $213,500 in June, a 6.15% decline over June of 2014. The median selling price of a home around UNM in the first half of 2015 was a slightly higher $223,000, but still a 3.02% decline over 2014’s first half median price of $229,950.

We also saw a decline in the median price per square foot homes sold for in both June (down 6.14% from $154 last June to $146 this June) and for the first half of 2015 (down 2.03% from $148 in 2014 to $145 in 2015).

This is a table view of Albuquerque’s UNM Area home sales statistics for June 2015

Most interestingly, we are seeing a spike in REO (foreclosure) and short sales, albeit a spike from virtually none in 2014 (5 total) to a small handful in 2015 (14 total).

The UNM area real estate market is very active, with increases in active listings (219 this June to 179 last), pending sales (56 this June to 29 last) and even new listings that hit market in June (80 this June to 71 last). That clearly bucks the greater Albuquerque trend of tightening inventory.

It’d be tempting to say that recent enrollment drops at UNM itself are a factor in UNM area home price declines, since often area homes are bought by parents for enrolling students and just as often investor seek out the easy rentals that UNM area homes can make. But if that were the case it would be more likely we’d see the lower end sales decline and fewer sales in general, which should have the effect of pushing prices upwards.

This is a table view of Albuquerque’s UNM area home sales by price range for June 2015

Instead, we’re seeing lots of sales skewing to the lower end, at least so far this year compared to last. Go figure.

This is a table view of Albuquerque’s UNM area home listings by price range for June 2015

If you’re thinking about selling or buying a home in the UNM area and would like a more specific analysis of a particular area, neighborhood or home, drop us a line and we’ll put one together for you.

– Joe LaMastra, July 23, 2015

  • Joe LaMastra

    Joe LaMastra
    (505) 506-6866
    200 Broadway Blvd NE
    Albuquerque NM 87102

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