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December Pending Sales Up 11.48% from December 2010

Albuquerque, NM, January 10, 2012 – There were 602 pending sales of detached homes for December 2011, up 11.48% over December 2010. There were 523 closed sales of detached homes reported, a 3.56% increase over the prior year. Median sales price for detached residential homes settled in at $160,000.  The top selling price range for detached homes in December was $120,000 to $139,000 with 67% of sales occurring between $100,000 and $249,000.

"Inventory of detached homes is sitting at a little over a six month supply which is normal in the traditional market," said Marc Guggino 2012 President of the Greater Albuquerque Association of REALTORS®, "down from an almost nine month supply one year ago."  "Another good sign for the market is that annual closed sales will meet or exceed sales in 2011," said Guggino.

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.