Home Sales, Prices Down From May, Up From 2011

After a series of month-over-month increases starting in January, the number of single family detached homes sold in metro Albuquerque dropped in June to 685 homes from 737 sold during May. That’s a 52-unit, or 7%, decline from May. The Greater Albuquerque Association of Realtors released the June sales report late this afternoon.

The good news is that June closed sales continued the string of year-over-year increases from 2011 with a 27-unit, or 4.1% improvement from June 2011. Further good news is that June pending sales showed a 50-unit, or 5%, increase from May. June’s 1,047 pending sales were 13 units above April and 103 units, or 12.1%, above June 2011. The increase in June pending sales suggests that closed sales might improve during July.

Average and median sales prices dropped in June from May. The average price, $207,679, was down $3,534, or 2%, from May but increased slightly—$637, or 0.31%—from June 2011. The median sales price during June—$172,700—was down $2,300, or 1.3%, from May. The median price increased 3.7%, or $6,200, from May.

Townhouses and condominiums showed a 49% increase in closed sales in May to 85 units over May 2011. Sales of these attached homes went the other way during June with 39 sales, a 36% drop from June 2011.

The average metro home sold in June sold after 76 days on the market. That’s a ten day drop from the 86-day average sales period during May and down four days or 5% from June 2012.