Albuquerque, NM, December 10, 2014 – Inventory for the Greater Albuquerque market finished the month of November at 4,331 single-family detached homes which represented a 1.79% increase over November 2013. While inventory increased, the number of homes listed during the month was down 10.17% from the same month one year before.
There were 601 closed sales of single-family detached homes for the month of November 2014, a 6.18% increase over the month of November 2013. These closed sales represented the highest number of closed sales for the month of November since 2009.
Average and median sale prices also saw increases from this same time last year. The median sales price of single-family detached homes for November was $175,000, a 2.9% increase from November 2013. The average sales price climbed 3.8% from this same period last year to $215,899. “Sales activity has been strong over the last two months, with October and November seeing notable sales increases from 2013.” said John Kynor, President of the Greater Albuquerque Association of REALTORS®. “Sixty percent of the November sales were from $100,000 to $249,999 price range which is highly affordable,” he said.