Albuquerque, NM, October 10, 2014– The Greater Albuquerque market saw 1,316 new single-family detached homes for sale in the month of September. This brought housing inventory levels to 4,945, an increase of 7.31% from September 2013.
The month of September reported 703 single-family detached closed sales, a decrease of 8.58% from September 2013. Pending sales at month-end were 854 single-family detached closed sales, a 10.91% increase over the same month last year.
Average and median sale prices both showed modest decreases from this time last year. The median sale price of detached, single-family, homes for September was $175,000, a 1.41% decrease from September 2013. The average sales price also decreased from September 2013 to $208,936, and reduction of 1.59%.
“The market has seen a slow-down which mirrors what is happening across the county. Interest rates are higher and the consumer is cautious,” said John Kynor, President of the Greater Albuquerque Association of REALTORS®. “The highest selling range is $200,000 to $249,000 with 75% of the sales occurring between $120,000 and $399,999. It is a highly affordable market,” he said.
To see the full report for September 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