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Housing Market Gains Ground in February

Albuquerque, NM, March 10, 2011 –Sales of existing homes continue to improve in 2011, according to the Greater Albuquerque Association of REALTORS®. There were 410 closed sales in February, a 12 percent increase when compared to January 2011, and a seven percent increase from February 2010.  “We’re also seeing home values on the rise,” said Peter Parnegg, President of the Greater Albuquerque Association of REALTORS®. “In the greater Albuquerque metro, the median sales price is up one percent from February 2010, and the average sales price of $220,299 is the highest since 2008.”

 

 

In the Albuquerque metro, the total sales volume for February closed at $96.2 million, a 15 percent increase from February 2010. “A double digit increase says a lot for the state of the housing market, especially since last February there was a tax credit incentive available for buyers,” Parnegg said.

 

February 2011 is the strongest month for pending sales since August 2010. There were 703 pending sales for detached homes in February 2011, down nine percent from a tax credit aided February 2010.

 

The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3000 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.