Albuquerque, NM, November 10, 2014 – The Greater Albuquerque market closed the month with 4,705 single-family detached homes for sale, an increase of 5.9% from October 2013. There were 1,368 new single-family homes listed for sale in the month of October.
Closed sales, reported for the month of October, were 758 single-family detached homes. This represented a 4.84% increase in the number of closed sales from the same month a year before. October closed sales of 758 were higher than the 703 closed sales reported in September 2014.
The median sale price of single-family detached homes for October was $175,000. The median price reported in October of 2014 was a 5.42% increase from October 2013. The average sales price rose 2.28% from the same month last year to $212,905.
“Closed sales showed an up-swing for the month of October when the real estate market traditionally begins to experience a seasonal slowdown,” said John Kynor, President of the Greater Albuquerque Association of REALTORS®. “The market continues to be highly affordable with sixty percent of our sales are between $100,000 and $249, 000,” he said.
To see the full report for October 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.