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December 2008 Home Sales Report
For December there were 917 new detached residential listings added to our market. This number is down 18.2% from last month, and down 13.8% from December of last year. New homes on the market tend to decrease in the winter months. Despite the decrease in new listings, the overall market inventory remains over 5,200, only 5% lower than the same period last year.
December 2008 shows a combined total of 899 Pending and Closed Sales in the Greater Albuquerque market area. This total is down from last month by .6%, and down 15% from December 2007. Historically, an increase in homes sales does not occur until the month of February. The good news for our market is that Residential and Condo homes sales are higher than the previous month.
The Days on Market it takes to sell a single family home in our market has decreased 5% from last month. Median Sales Prices are down slightly for Detached Homes in the Market Area. Condos/townhomes continue to see an increase in list price and sale price. Compared to last month, Condo Sale prices are up nearly 10%, and compared to last year at this time Condo Median Sales have increased 13%.
We have added a new chart for Closed Sales on page 12. This chart identifies sales in the Albuquerque Area using a color scale.
This will be my last posting for the Monthly Market Reports as 2008 Chair of the Greater Albuquerque Association of REALTORS®. It has been an honor serving as the Association’s Chair, and we can expect another exciting year and strong guidance by our 2009 Chair, Don Padilla.
Cathy Olson, Chairman of the Board for 2008
505-263-7995 .(JavaScript must be enabled to view this email address)
Read the full December 2008 Home Sales Report
Previous 10 Home Sales Reports
- 2010 2nd Quarter Sales Report
- June 2010 Market Report
- May 2010 Market Report
- April 2010 Market Report
- 2010 1st Quarter Sales Report
- March 2010 Market Report
- February 2010 Market Report
- January 2010 Market Report
- 2009 Year End Home Sales Report
- 2009 4th Quarter Sales Report
- View the Home Sales Report archive
Previous 10 Area Spotlight Reports
- Area Spotlight - MLS Area 10 – Sandia Heights
- Neighborhood Spotlight - Pat Hurley
- Area Spotlight - Rio Rancho Areas 140-162
- Area Spotlight - Area 50 - Northeast Heights
- Neighborhood Spotlight - Barelas
- Area Spotlight - East Mountain Areas 210-293
- Neighborhood Spotlight - Nob Hill
- Area Spotlight - MLS Area 42 - UNM South
- Area Spotlight - MLS Area 103 – West River Valley
- Area Spotlight - MLS Area 30 – Far Northeast Heights
- View the Area Spotlight archive
Previous 10 Data Articles
- MLS Areas showing increases in sale price
- Absorption Rates by Area (July 2010)
- Home Sale Prices from 2005-2010
- Absorption Rates by Area (Feb. 2010)
- January 2010 Market Conditions
- How Old is That Home?
- What’s for sale in the Greater Albuquerque Market? (for May 2010).
- Square Footage of Single-Family Homes.
- Pending Home Sales
- Single-Family Home Sales from 2005-2009: Top Selling Price Ranges
- View the Data Articles archive
Comments (1)
I love statistics, and as a consumer you should too. It is the roadmap to show you the way to a good smart transaction. Numbers show that our market is strong, why? You may ask, well while the rest of the country is slashing their prices in half, we are doing it by small percentages...this is why. With home prices low, and interest rates low, this is the perfect storm for those contemplating the possibility of purchasing their home. Get with your REALTOR, and get busy as there is no telling on how long this perfect storm may last! And Congratulations to Don Padilla! It is leaders like this that keep our association strong and positive!
on Jan 09, 2009 at 9:58 pm
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