Albuquerque, NM, February 10, 2015–The Greater Albuquerque market ended the month with 3,741 single-family detached homes for sale. This number reflected a 3.7% reduction from the inventory at the end of January 2014. New listings during the month decreased from 1,288 one year ago to 1,240 during January 2015.
During January, there were 537 closed sales of single-family detached homes, which was two sales short of matching the 539 sales from January 2014. Pending sales were up in January 2015 at 855. One year ago, pending sales for January were 769 which marked a 11.18% increase year over year.
Average sales prices for single-family detached homes finished the month at $203,468 down from $203,687 the prior year, a .11% decrease. Median sales price was up .95% to $169,500 from $167,900 one year ago. The top selling price range in January was $200,000 to $249,999.
“The numbers are almost identical to January 2014,” said Paul Wilson, 2015 President of the Greater Albuquerque Association of REALTORS®. “The most notable difference is the increase in pending sales which could be a reflection of dropping interest rates,” he said.
To see the full report for January 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.