Albuquerque, NM, April 10, 2014 – According to the latest monthly report prepared by the Greater Albuquerque Association of REALTORS® (GAAR), single family home sales rose 3.42% year-over-year, with March single-family home sales totaling 695. That is the highest number of sales in the month of March since 2007. March brought about the 33rd consecutive month of positive home sale growth compared to the same month the prior year.
New listings increased 16.2% compared to March 2013, bumping inventory to 4,164 at month end. Pending sales decreased 14.26% from the same month one year earlier.
The March 2014 average sales price of $202,672 increased 2.11% from the previous month and stayed at a similar price level from a year ago. The median sales price rose slightly from March 2013. The top selling range for March was $200,000 to $249,000.
“We have seen month over month improvement for the past two and a half years,” said John Kynor, President of the Greater Albuquerque Association of REALTORS®. “We are looking forward to the summer season which, traditionally, brings the highest sales months of the year,” he said.
To see the full report for March 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