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Home buying activity improves in February

Albuquerque, NM (March 10, 2015) – The Greater Albuquerque market’s inventory of single-family detached homes was 3,665 at the end of February. This was a 6.6% reduction from February 2014. There were 1,221 new single-family detached homes listed for sale in the month of February.

Closed sales of single family detached homes for February this year were 554, an increase of 0.7% from February 2014. The number of homes going under contract in February rose 16.1% from the previous year and rose 7.7% from the previous month.

Average and median sale prices saw modest changes from this same time last year. The median sales price of single-family detached homes for February was $169,000, a slight decrease from January 2015, and matched the median price exactly one year ago in February. The average sales price increased 0.4% from last year to $199,196.

“With the days on market to sell a home dropping in February and an increase in pending sales, we could be seeing the start of a great season for home sales.” said Paul Wilson, 2015 President of the Greater Albuquerque Association of REALTORS®. “Interest rates remain low which is an incentive for buyers to make a move,” he said.

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