For November there were 1,121 new detached residential listings that entered the market. This number is down 20.5% from last month, and down 18% from November 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 5,700, only 3.5 % lower than it was this time last year.
There were a combined 904 Pending and Closed Sales in the Greater Albuquerque market area for November 2008. This total is down from last month and the previous year. The Pending and Closed charts on pages three and four show this similiar drop has occured in the previous years as well; an indicator that home sales in our market don’t tend to increase until the beginning of the year.
With the high housing inventory and lower home prices, market conditions in the Greater Albuquerque market area tend to favor a buyer’s market. The Supply-Demand ratio on page nine shows the supply of current homes on the market exceeds the number of available home buyers. Lower home prices are another indicator of a buyer’s market and we see on page eight home sale prices are on the decline compared to last month and last year at this time.
Areas of stability do exist in our market. Pending and Closed sales in Rio Rancho have remained stable since October. Home sales prices there also remain close to the same levels they were in October and November 2007. Condo and townhome sales in the Greater Albuquerque market area sales continue to rise. Both October and November show increased sales figures for attached homes when compared to previous years at this time.
Cathy M. Olson, Chairman of the Board