Press Release: Real Estate Market Slowly Recovering

Published on Mar 10, 2010

Albuquerque, NM, March 10, 2010 – Several key indicators point to a recovering housing market in the greater Albuquerque area. Closed sales, pending sales, and sales volume are all in positive figures over 2009 while homes are spending fewer days on the market.
“In February, we had 380 home sales,” said Mark Pando, President of the Greater Albuquerque Association of REALTORS®. “Home sales are up eight percent from January and up 10 percent from February 2009,” Pando said.
Pending sales climbed five percent from January and increased 46 percent over February 2009. “The significant increase in pending sales can be attributed to a combination of historically low interest rates, a drop in home prices giving the buyer more for their money, and the income tax credit, which expires on April 30,” Pando said.
“Another key figure to look at is sales volume,” said Pando. “For detached and attached homes our market had more than $80 million in sales during the month of February that’s up nearly 10 percent from a year ago.”
The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3,300 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is recognized as a leading provider of real estate information services, data and education in New Mexico.
The full report can be found on www.gaar.com.