Albuquerque, NM (April 10, 2015) – Compared to last March, Greater Albuquerque’s closed sales of single family detached homes for March 2015 increased 18.99% to 827. This was the highest month for March sales since 2007. The number of homes going under contract this March also rose with a 16% increase from the previous year and 19.65% increase from the previous month.
Also compared to March 2014, the market’s inventory of single-family detached homes dropped 9.46% this March to 3,770 homes. There were 1,588 new single-family detached homes listed for sale in the month of March.
Average and median sale prices reacted favorably to the increased activity. The median sales price of single-family detached homes for March 2105 was $175,000, a 2.94% increase from the median price one year ago in March. The average sales price increased 3.65% from March last year to $210,069.
“March was a fantastic month.” said Paul Wilson, 2015 President of the Greater Albuquerque Association of REALTORS®. “For closed sales, this was the highest March since 2007, just before the housing bubble burst,” he said, “and contracts written also remain strong. This is great news heading into the summer months.”
To see the full report for March 2015 market statistics, go to GAAR.com and click on Market Statistics.