Sunday, October 23, 2011

Abq September Home Sales Third Lowest of 2011

In metro Albuquerque sales of single family detached homes fell from August to September. Closed sales were 517 in September and 646 in August. That’s a 20% or 129 unit drop.

A piece of good news is that sales were 7.9%, or 38 units above September 2010.

A piece of context is that things happen in August such as kids going back to school that lead to fewer home sales closing September. Going back to 1997, according to the Greater Albuquerque Association of Realtors, only one September, in 2009, showed more sales than during August.

So much for happiness.

The September sales performance brought the third fewest sales of the year, ahead only of January and February, traditionally, the slowest months.

There were 878 sales shown pending during August. Only 59% converted to closed September sales, a 20 point conversation percentage drop from July and August.

The median sales price, $171,500 during September, was up five percent from August but down from the $178,000 of July. Both median and average prices during September were helped by sales increases over 2010 in homes priced from $200,000 to 299,000. Also, the 19 homes sold in the $400,000 range were the most of the past three years.

The September median was 6.3% below September 2010. The average was down 9.8% from September 2010. Except for February, metro home prices have been below the same month of 2010 all year.

No comments: