Sunday, March 3, 2013
Albuquerque New Home Prices Lift Off!
Albuquerque’s average new home base price jumped in March by a very strong +1.3% over the prior month of February, and year-over-year the average increased by +4.0%; the highest it’s been in over 2 years. The median new home base price increase was even more impressive, rising in March +1.9% over February, and year-over-year climbing a strong 7.5%; that’s the highest median in two-and-a-half years.
In the past, these kinds of increases often correlated to increases in the size of floor plans being offered. During the course of the housing bubble of the mid-2000’s, home SIZES increased dramatically, adding fuel to the rising prices at that time.
But the latest data for this month, compared to when prices were similar over two years ago, shows that home sizes are nearly identical – within just 10 square feet of comparison to each other. This is a definitive signal of rising new home prices in Albuquerque without the size of the homes playing a major factor.
Here’s a brief breakdown:
March 2013 Albuquerque New Home Base Prices:
Average = $228,730
Median = $214,900
Average square feet = 1,994
Median square feet = 1,882
Average price-per-square-foot = $115.89
(All data courtesy of SalesTraq of New Mexico – www.salestraqnm.com)