Tuesday, December 13, 2011

November Home Prices Hit 2011 Low

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.

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