Inventory Rises in August
Albuquerque, NM, September 11, 2014 – New listings of single-family detached homes for the month of August were 1,554, an 8.8% increase over the same month the prior year. The month closed with 5,043 single-family detached homes for sale, which is an increase of 10.1% from August 2013.
Closed sales of single-family detached homes for August were 822. August closed sales were 4.1% lower than the same month in 2013. The average sale price of single-family detached homes of $216,148 went down 3.3% from this same time last year. The median sale price of detached, single-family homes for August 2014 was $184,100, a 0.9% increase from August 2013. The top selling price range for August was from $200,000 to $249,999.
“Activity is still brisk as the summer months come to a close,” said John Kynor, President of the Greater Albuquerque Association of REALTORS®. “With inventory rising and mortgage rates remaining stable, there is no real urgency for buyers to make a decision, which is reflected in the closed sales.” he said. To see the full report for
August market statistics, go to GAAR.com and click on Market.
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.
Special note: Due to an MLS system change in October 2013 the data collection methods for pending sales changed. Pending sales are now calculated only once for a particular property, whether or not that property goes under contract multiple times during the month. Pending sales from 2013 have been adjusted in the August 2014 report to adjust for the change.