Albuquerque, NM, April 10, 2012 – Pending home sales in March passed the 1,000 mark for the first time in 22 months, with an increase of 13.07% from March 2011. Detached closed sales of 596 were reported, a 4.56% increase over the prior year. This includes 267 sales between $100,000 and $179,999. The median sales price for detached residential homes was at $162,000.
"Starting off the spring season with this many pending sales is a good sign," said Marc Guggino, President of the Greater Albuquerque Association of REALTORS®, "showing there are still great deals out there for homebuyers". "With a six month trend of improving market conditions Albuquerque real estate is seeing more stability," said Guggino.
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.