Monday, June 11, 2012

Home Sales Continue To Increase, Prices, too

If the between-the-lines body language conveys a correct impression, real estate agents around metro Albuquerque are very happy. Body language from a web page is tough, though, worse to figure than body language from a car.

Consider, however, the lead headline from the monthly statistics reporting May sales, posted late this afternoon, from the Greater Albuquerque Association of Realtors (GAAR). “The median price for single family detached homes rose 6.06% from May 2011 and is back to 2010 levels.” No exclamation points follow the statement, but one can see the temptation to insert a half dozen or so.

The median price was $175,000 for the 737 homes sold during May 2012 and May 2010, when 731 homes sold.

During April, 604 single family detached homes sold. May was a 22% jump from April.

The other two lead headlines report that May sales of single family detached homes increased 16.6% from May 2011 and there were 997 sales pending during May, the highest May pending sales figure since 2007. That was the year of the peak, though GAAR, being good sales people didn’t mention that detail. The 997 sales pending represented a slight 37-unit drop from April but a 10.9% jump from May 2011.

May sales of 737 homes were 71% of the April pending sales. From 60% to 80% of pending sales turn into closed sales the following month. Continuing the sales growth will means that a higher percentage of the May pending sales will need to close this month.

The average sales price was $211,213 during May, a wisp of a $27 increase from April, but a 6.6% jump from $198,091 during May 2011. Three homes sold for $1 million or more during May. There were five such sales during May 2011 and one during May 2010.

The homes aren’t exactly jumping off the shelves, as it were. The average home sold in 86 days during May, up from 83 in March and April but a day faster than the 87 shown in the cold period of January and February.

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