Closed Sales Remain Strong
Albuquerque, NM, August 13, 2012 – July marks the 13th straight month where closed sales of detached homes have increased over the same month the prior year. Detached home sales for the month of July were 719, or a 15.04% increase over the 625 reported in July 2011. Pending sales for July 2012 were 1,057, showing a 29.69% increase over the same month the prior year.
The median sales price hovered close to the median sales price one year before. In July 2012, the median sales price was $175,000 and $178,000 for the previous year. Median sales price is the mid-point where one half the sales are higher and one half lower.
“REALTORS® are writing contracts,” said Marc Guggino, President of the Greater Albuquerque Association of REALTORS®, “which is the best indicator that consumers have returned to the market place.” “Some contracts are taking longer to close for a variety of reasons,” Guggino continued, “including new lending practices, contracts on short sale homes and bank owned properties.” “However, I am seeing multiple offers on listings that sell in one day,” said Guggino.
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.