Albuquerque, NM, June 10, 2014 – Detached home sale prices in the Greater Albuquerque market saw year-over-year increases for the 3rd consecutive month. The average sale price in May 2014 was $223,193, up 5.5% from May 2013. The median sale price for May 2014 was $180,000, up 2.9% from May 2013.
There were 1,734 new detached-homes that went on the market in May 2014, adding to a healthy housing inventory. Active inventory of detached homes at the end of May 2014 was 4,682, a 13.86% increase from May 2013.
“Even with an increased inventory, average and median sale prices continue to climb,” said John Kynor, President of the Greater Albuquerque Association of REALTORS®. “This is good news for buyers, who have a greater selection of homes to choose from, and also for sellers, who are receiving more for their homes,” he said.
To see the full report for May 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.
Special note: Due to an MLS system change in October 2013 the data collection methods for pending sales changed. Pending sales are now calculated only once for a particular property, whether or not that property goes under contract multiple times during the month. Pending sales from 2013 have been adjusted in the May 2014 report to adjust for the change.