Friday, May 11, 2012

Albuquerque Home Prices Increase, Breaking Trend

During April, median and average prices for metro Albuquerque single family detached homes increased on a year-over-year basis for the first time since February 2011.

The April average price, $211,186, was the highest since February 2011 and was a 7.6% increase from April 2011. The April median, $174,775, was highest since July 2011 and up 5.9% from April 2011. The April 2012 average price was up 11% from March 2012 with the median up 9.9% from March.

With the April closed sales of 604 detached homes up just slightly from March—eight units and 1.3%—the price increases were driven by more expensive homes selling during April. Five homes valued at $1 million or more sold during the month as compared to one during March. The four price groups from $200,000 to $499,000 registered increased sales from March.

Both median and average prices scored the first April year over year increase since 2007. Closed sales were up 6.5% from April 2011.

At 1,034 for April, pending sales were up a slight 13 units from March. April pending sales increased 14.5% from April 2011, boding well for continued increases in closed sales during May.

These numbers come from the Greater Albuquerque Association of Realtors and were posted at within the past few days.

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