UNM Area Home Sales Summary March 2016

The mean (average) price of a UNM area home dropped due to some weakness at the top of the market and the median home price held just about steady this March compared to last. As with the rest of Albuquerque, inventory is down and the pace of sales is strong, so look for prices to begin to climb.

A photo of Central Avenue in the Nob Hill district of Albuquerque

Thirty one homes sold around the UNM campus this March, the exact same number as sold last March. There was little change, only a slight bump, in the median selling price of a home, which is now $225,000, less than 1% more than last March’s $223,500 median price.

The mean selling price declined 5.28% in March, down to $236,324 from $249,500 last March. That’s primarily because there were a few less sales above $300,000. Eight homes sold at or above $300k in March 2015, while only six homes hit that mark this March. Small sample and so not super significant, but it’s there…

For the entire first quarter of 2016, we still see that lower mean home price, and a stronger median gain of 6.16% from $215,000 in 2105 to $228,250 in 2016. So, March may be just a slight anomaly. Yup, a bit soft at the top, thus the lower mean, but some strength in the middle and so the higher median price.

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

The price per square foot (PSF) went up nicely in March, with the median PSF of $147 a 6.52% jump over last March’s $138. As we’re seeing in greater ABQ, buyers seem to be price conscious and so are buying slightly smaller homes. That stronger PSF hold true for the first quarter of 2016 in the UNM area as well, just a bit more moderate.

An interesting conflict in numbers is the very quick selling pace in March compared to the much slower selling pace for the quarter over all. The median marketing days of a UNM area home was a brief 37 days in March 2016, almost 16% faster than last March’s 44 days. On the other hand, a lethargic January and February period dragged the first quarter 2016 marketing time out to 90 days, 67% slower than the 2015 first quarter selling time of 54 days. I expect the faster pace to keep up at this point.

Inventory is down as of the end of March. 153 homes were available around the UNM campus, down 8.93% from last year’s 168. Pending sales are up sharply, with 54 homes in escrow as of March, a sharp jump over the 43 pending in March 2015. We are more or less in a seller’s market at this point.

If you’re a buyer, you need to attend to that. Find a good buyer’s broker, or better a buyer’s agent, have financing in order, a clear idea of what you want and be ready to move when you find it.

– Joe LaMastra, Realty One of New Mexico, April 28, 2016