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April home sales at eight year high

Albuquerque, NM (May 11, 2015) – In April 2015, Greater Albuquerque saw the highest number of home sales since 2007. Representing a 17.06% increase, 844 single-family detached home sales closed this April.  The number of houses pending has also increased.  April boasted a 20.9% increase in the number of homes with sales pending compared to the previous year and 7.08% increase compared to the previous month.

At the same time, inventory is down. For single-family detached homes, inventory dropped 9.79% to 3,953 homes in April. New listings were also down 4.50% in April from the previous year.

Average and median sale prices saw modest changes in April.  The median sales price of single-family detached homes rose 1.03% to $176,800 from the same period last year.  The average sales price decreased 2.43% from April last year to $210,321 but still showed a nominal increase over last month’s $210,069.   

“The closed sales in April rivaled those we normally see in the summer months,” said Paul Wilson, 2015 President of the Greater Albuquerque Association of REALTORS®. “These numbers are very good news for sellers,” he said, “and considering that interest rates remain low will be further incentive for buyers to make a move.”

To see the full report for April market statistics, go to GAAR.com and click on Market Statistics.