The average sales price for an Albuquerque single family detached home increased during 2010 after two years of decline. The average price was $215,989 during 2010, a $1,327, or 0.6%, increase. Prices dropped 4.3% in 2008 and 7.7% in 2009.
There were 7,181 homes sold during 2010, the fewest since 6,740 homes in 2000. The sales figure includes townhouses, condominiums and single family detached homes. Metro Albuquerque home sales peaked at 13,448 in 2005. Condo / townhouse sales average around ten percent of total sales.
The 2010 sales peak came in May with 834 units closed. This figure was pushed by the first-time homebuyer tax credit that ended April 30. The number sales dropped steadily to 513 in October and increased slightly in November and December, defying the usual seasonal pattern.
With an average price of $215,533, the 180 homes sold in the Rio Rancho South area were the closest to the Albuquerque average of any of the city’s 41 areas. North Albuquerque Acres continued to have the city’s highest average sales price with an average of $571,502 for 95 homes sold during 2010.
Sixteen areas registered an increase in the average sales price during 2010 with two others unchanged. Foothills North led the price hikes with a $56,721, or 11.3%, jump from 2009 on the sale of 79 homes.
The largest price decline came in the North Valley where 146 homes sold during 2010 for an average of $297,045, a $27,852, or 8.6%, drop from 2009.
The numbers come from the Greater Albuquerque Association of Realtors (www.gaar.com).
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