Average Home Prices Up in February
Albuquerque, NM, March 11, 2013 – Average and median sales prices for single family detached homes selling in February increased over the previous month and previous year. The median sales price of single-family detached homes was $168,500 in February, an increase of 4.33% from the same month the previous year and a 6.65% increase from the previous month. February’s average sale price was $203,514 a 9.38% increase from January 2013.
Sales of single family detached homes in the greater Albuquerque market increased 7.11% from the same period last year. The 542 sales made this the highest February sales month since 2007.
“These numbers reflect a simple economic premise; when inventories get low, price starts to react,” said Julie Greenwood, 2013 President of the Greater Albuquerque Association of REALTORS®. “The number of closed sales reported for these two months is already around 11% higher than the first two months of last year,” she continued.
To see the full report for February 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 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.