Albuquerque, NM, November 12, 2011 – There were 746 pending sales of detached homes for November 2011, up 26.66% over November 2010. There were 492 closed sales of detached homes reported, a 4.90% increase over the prior year. Median sales price for detached residential homes settled in at $160,000. Of the 492 sales, 235 sales were between $100,000 and $179,000.
"As we approach the holiday season, sales typically drop," said Peter Parnegg, President of the Greater Albuquerque Association of REALTORS®, "but the market is feeling a bit more stable than this time last year." "The disparity between pending sales and closed sales is reflective of the over-reaching regulatory environment in the mortgage industry, making for unnecessary delays and failed transactions," said Parnegg.
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.