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October 2008 Home Sales Report
For the month of October 2008 the Greater Albuquerque Area continues to see market conditions that favor home Buyers. Listing inventory remains close to 6,000 listings where it has been for most of the year, giving Buyers an abundance of choice.
October saw 1,411 new detached residential listings come on the market. This number is down 6% from last month, following the similar trend for the last 3 years. There were 1,086 Pending and Closed Sales, down from last month, but the decrease is not unusual for this time of year.
Pending Sales in Albuquerque are virtually unchanged from last October, going from 406 to 402. Pending Sales in Rio Rancho went up 2% from last year at this time.
Median home sales for detached homes have gone up since last month. We see the highest increase in condo and townhome sales with an 18% increase in the Median Sales Price from last month.
Sellers can look forward to selling their single-family homes within 72 days and condos/townhomes within 53 days. The days on market for home sales in October went down from last month.
The key in a market that favors Buyers is working with your REALTOR® to determine the best list price. The best price will get the best results for Sellers in today’s market.
Cathy M. Olson, Chairman of the Board
505-263-7995 .(JavaScript must be enabled to view this email address)
Read the full October 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 (2)
As the numbers show, its important that we price homes to sell in order to move standing inventory. This will pave the way for new construction and provide jobs in the Metro area. Let's work together to push our market in the right direction!
on Dec 02, 2008 at 10:30 am
Good report, and it's also very important to have great marketing strategies and consistent instructions for staging. We have to win the beauty contest and the pricing contest. Now is not the time to ignore the dishes in the sink and the cluttered rooms. You absolutely have to present your home as a model.
The market responds to pride of home ownership.
on Nov 17, 2008 at 3:52 pm
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