Albuquerque’s housing market saw bright spots of improvement last year compared to 2016.
According to Greater Albuquerque Association of REALTORS data, the metro area saw improvement in homes sold and in home pricing compared to 2016. Single-family detached home sales rose 6.9 percent to 11,477 units, with the median sale price also rising 3.8 percent to $196,900. And condo and townhome sales rose 11.1 percent from 2016 with the median sale price sitting at $142,000 compared to $140,000 in 2016.
“The Albuquerque metro area’s housing market was very active in 2017,” wrote Danny Vigil, 2018 president of the Greater Albuquerque Association of REALTORS, in a statement. “Since more homes sold at a higher price point, our local housing market grew to $292 billion in 2017. That’s up by more than 12 percent from 2016.”
GAAR data also showed the majority of homes were sold within the first 60 days of being on the market – 56 percent sold within the first 30 days on the market.
Twilight Homes, which was in the top five on Business First’s 2016 Homebuilders List, reported 2017 was a record-breaking year for the company with sales increasing 30 percent from 2016.
“What’s so significant about our sales last year is that home sales in New Mexico have been flat for at least five years,” Twilight President Tim McNaney said. “For us to see a 30 percent increase in this environment is huge.”
McNaney, whose co-president is Vincent Pizzonia, said the highest volume of sales was in the Albuquerque area. He credits a "hands-on" approach to home building, saying Twilight is highly accessible because it’s local.
Twilight Homes is planning on seeing an approximate 40 percent increase in sales in 2018 based on current projections.