December Abq Home Prices Flat From November, Down from 2010

Albuquerque sales of single family detached homes closed 2011 with a monthly increase from November and steady prices for the month. The figures, from the Greater Albuquerque Association of Realtors, were released this week.

November sales were 523 homes, a 31-unit, or 6%, increase from November and an 18-unit increase from December 2010. Sales were down from 566 in October.

The median sales price for single family detached homes held at $160,000 during December. The median was down $18,000 or about 10% from the 2011 peak in July of $178,000.

The average sales price, $195,861 for December, dropped $14,917, or 7%, from the 2011 actual peak of $210,778 in July. There was a sort of a fake peak of $220,000 in February, but the price jumped back down to the $210,000 vicinity for March.

Sales activity slowed cross the market during the third quarter of 2011. New listings went from 961 in October to 909 in November and 682 in December. The December new listings figure was a 33% drop from November.

Pending sales were 785 in October and 602 in December.

The 523 detached homes sold during December represented 70% of the November pending sales of 746 homes. The December pending sales figure was 602 homes. If 70% of those deals turn into closed sales during January, that would mean 421 closed sales. We’ll see.

During November and December, the average home sold in 87 days. That was the second slowest time for a home to sell during 2011. Only February, when the average home was on the market for 89 days, was slower. The year’s fastest sales period was 76 days during August.

For townhouses and condominiums, the December picture was different. More homes sold—52, up 33% from 40 in November—for a higher average price ($140,594) and a lower median price ($131,000). The average price appears to have been pushed up by sales of ten homes in the $200,000 to $249,000 price group. December also ha two condo sales in the $250,000 to $299,000 price group as compared to zero during December 2010.