Albuquerque, NM, March 11, 2014 – Closed sales of detached single family homes for February 2014 were 550 compared to 542 in February 2013. Pending sales dropped 13.14% to 793 in February 2014 from 913 in February 2013.
Median sales price of detached single family homes was $169,000, up .3% over the median sales price of $168,500 the same month the prior year. The average sales price finished February 2014 at $193,483, down 2.47% over the same month the prior year.
“Sales in February are traditionally slow,” said John Kynor, President of the Greater Albuquerque Association of REALTORS®, “but the February 2014 closed sales are the strongest since 2007.” “Once again 77% of the sales are $249,999 or less, showing that the market place is still highly affordable,” said Kynor.
To see the full report for February market statistics, 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.