Prices hit the lowest level of the year during November for single family detached homes in metro Albuquerque. The 492 sales closed during the month represented a 74 unit, or 13% drop from October. Pending sales for the month, 746, showed a 5%, or 39 units, drop from October. Of the 785 sales pending during October, 63% turned into closed sales.
November sales fared better when compared to November 2010. Closed sales grew 5%. Pending sales jumped 27%.
None of the price comparisons are happy.
For the median price, $160,000 for November, the next lowest 2011 price was $162,000 during March. The November median price was 4.2% lower than October and down 10% from November 2011.
The next lowest average price was $196,321 in April. The November average, $194,830, was down 3.5%, or $7,044, from October and dropped 11.6% from the November 2010 average of $220,453. The November average price was pushed up by the sale of three homes for $1 million or more during the month. No million dollar homes sold during November 2010.
The detached homes sold during November spread fairly evenly across the six price groups between $100,000 and $249,000. Five of the six groups showed sales between 53 and 65 units. The exception, homes priced between $180,000 and $199,000 has 36 sales.
The Greater Albuquerque Association of Realtors released the November sales report this week.