Improved 1st Quarter Sales and Prices
Albuquerque, NM, April 21, 2014 – According to the latest quarterly figures prepared by the Greater Albuquerque Association of REALTORS®, sales of single-family homes in the local market were up 4.21% from the 1st quarter of 2013. This makes 1st Quarter 2014 the highest 1st quarter sales period in the local real estate market since 2007.
The average sale price of single-family homes in 1st Quarter 2014 was $207,080, increasing 1.81% from the same period last year. Homes selling between the price range of $200,000-$249,999 made up 14.6% of closed sales while 47.3% of sales were for homes selling between $100,000 and $199,000.
“It is encouraging to see the number of sales increase each quarter,” said John Kynor, President of the Greater Albuquerque Association of REALTORS®. “Interest rates in March of 2007 were 6.16% and are now 4.34%,” said Kynor. “Buying a home in our four county area is still very affordable,” said Kynor.
For a full copy of the 1st Quarter Market Report, 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.