Thursday, December 16, 2010

Single Family Homes Sales Up in November.

Maybe it was the warm weather during October drawing people out and about to look at new houses and make deals that closed in November. The metro economy, still well mired in recession, certainly isn’t what kept the October pending sales figure at 655, just two fewer than the 657 sales pending during September.
But the role of pending sales as an indicator of closed sales the following month stayed true for November, normally not a month when the number of homes sold increases from the previous month.
November 2010 broke the rule with the sale of 469 single family homes closed during the month, a 2.8% increase from October. The sale of 589 homes was pending during November, down 10% from October, suggesting a drop in sales for December. January and February usually are the two slowest sales months of the year.
Prices for single family homes in Albuquerque continued to increase on a year-over-year basis during November. The median price was $177,500 during November. The average price was $220,453. The median price improved for the third consecutive month with the average price up for the fifth month on a year-over-year comparison.
For townhomes and condominiums, the median price for October, $155,000, showed an 11% increase from November 2009 and tied May for the highest median price of the year. The average townhouse price was $152,363 during November, and 5,110 homes were offered for sale in metro Albuquerque.

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