Metro Market Report; Sales Up Almost 60%
Sales of single family detached homes were up nearly 60% this November over November 2008 for the best November performance since 2006. The 646 homes sold were a 57% jump from a year earlier. Townhouses and condominiums rose 59%, a greater percentage increase than for detached homes. There were 70 townhouses and condominiums sold during November. Sales were down from October as the seasonally colder weather slowed activity from the previous months.
Sales of homes priced between $100,000 and $159,000 continued to dominate the market area. These moderately priced homes accounted for 235 sales or 39% of the November total. The 100 homes priced between $200,000 and $249,000 sold during November were 17% of total sales for the month.
The number of homes offered for sale continued the steady decline that began in June 2008, a month with 6,428 listings. During November, metro Albuquerque had 4,834 active listings available, down 25% from the peak period.
Reflecting the large number of more affordable homes sold, the overall market average and median prices continued to drop in November as compared to November 2008, though at a much lower rate. The average price for a detached home sold during November was $209,243, just 1.3% less than a year earlier. The median price, $175,750, increased 3.4% from October, but declined 2.4% year over year.
