Tuesday, February 14, 2012

Abq Home Sales Down for 2011, Up for January

In Albuquerque, 2011 saw 7,152 homes sold, 53% of peak sales of 13,448 during 2005. This was the sixth consecutive year of declining sales.
The good news—sort of—is that things are getting worse less quickly. Albuquerque sales were 7,181 during 2010, making 2011 sales only 0.4% below 2010.
The better news is that, starting with July, sales increased every month of 2011 over the same month of 2010.
Albuquerque’s year over year increase continued in January. The surprise was the amount of the increase, up 13% from January 2011 to 411 sales in January 2012.
The bigger surprise for me was the 836 pending sales of single family detached homes. That was the highest pending sales since August 2010 and was up 21% from January 2011 and 39% from December.
Pending sales tend to turn into closed sales during the following month. I have watched the relationship of pending to closed sales for nine months or so. The figure for closed sales during one month seems 70% of sales pending the pervious month. Monthly pending sales have increased, year over year, for nine months.
If 70% of January’s 836 pending sales become closed, that means 585 sales closing during February. During February 2011, there were 410 sales closed.
Albuquerque prices are another story.
The median price started 2011 at $172,000, just under January 2010, went to $178,000 in July and made it back down to $160,000 in November and December. While the January 2012 median of $165,000 is up from December, it is a 4.1% drop from January 2011.
The 2011 average price peaked at $220,299 in February and was $195,861 for December. The January average, $194,352, was down $1,509, or 0.8%, from December.
Six of metro Albuquerque’s 41 sales areas reported higher average sales prices during 2011. The happy six included Placitas (ave $434,715), Sandia Heights (ave $429,186) and three north valley areas. Two of the six—Sandia Heights and the far north valley—increased sales over 2010.
North Albuquerque Acres remains Albuquerque’s most expensive area with a 2011 average price of $545,683. That’s down $103,046, or 16.9%, since 2008. The area had 101 sales during 2011, the best year of the past four.
There were 17 areas where 2011 increased over 2010. The areas tended toward the more affordable, a real estate phrase for lower priced. With 449 sales during 2011 at an average price of $167,546, the Rio Rancho Mid area is an example. Sales were up 68 units, or 18%, from 2010.

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