Albuquerque, NM, May 10, 2012 – The median price of detached homes in the Albuquerque real estate market is up from the previous year by 5.92%, according to the Greater Albuquerque Association of REALTORS®. The average sales price of detached homes is up 7.57% over the prior year. These are the first year over year increases since February 2011. The median sales price of detached homes sold in April was at $174,775. The average sale price was $211,186.
Closed sales saw a 6.53% increase from the previous year. Pending sales are up 14.51% from the prior year and single family detached homes’ inventory is continuing to decrease.
“April 2012 was definitely a strong month for prices in the Albuquerque Metro market and now we are beginning to see the effects of supply and demand tightening,” said Marc Guggino, President of the Greater Albuquerque Association of REALTORS®. “In addition to these strong sales prices, closed and pending sales are maintaining momentum.” continued Guggino.
Statistics may be viewed at 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.