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