Albuquerque, NM, January 20, 2015– Quarterly home sales for single-family detached homes in the Greater Albuquerque real estate market increased 3.74 % from 4th quarter 2013. There were 2,052 sales for the 4th quarter of 2014 compared to 1,978 closed sales for the same quarter in 2013. Sales of condos and townhomes also improved showing a 14.20% increase over the same period in 2013.
The median sales price of a single-family detached home was $175,000 in the 4th quarter of 2014. This represents a 1.16% increase from the 4th quarter of 2013. The average sale price for the 4th quarter was $212,556 which was a .49% increase from the same period the prior year. The average time it takes to sell a home decreased from 70 days in the 4th Quarter of 2013 to 68 days in the 4th quarter of 2014. The change was a decrease of 2.86% year over year.
“Market activity in the 4th quarter of 2014 noticeably increased from the same quarter in the prior year,” said Paul Wilson, 2015 President of the Greater Albuquerque Association of REALTORS®. “Not only did the number of sales increase but the number of days to sell decreased,” he said.
To see the full report for 4th Quarter 2014, go to GAAR.com and click on Market Statistics.
The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3,000 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.