Albuquerque, NM, February 6, 2012 – Total sold and closed single family homes, both detached and attached, were 7,373 for 2011 down from 7,484 in 2010. Average sales price for detached single family home was $201,176 compared to $215,989 the prior year.
“The real estate market has felt the brunt of the economic downturn,” said Marc Guggino, 2012 President of the Greater Albuquerque Association of REALTORS®. “Sales in 2011 were very close to sales in 2010 and inventory is the smallest since 2006,” according to Guggino, “and both are good signs for the upcoming year.” “The market continues to work through short sales, foreclosures and consumer confidence but we are seeing more activity,” Guggino continued.
The full report and local market statistics can be found on www.gaar.com.
The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 2700 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.