Tuesday, August 14, 2012

Metro Abq Home Sales Up in July

As was suggested in this space a month ago that might happen, July sales of single family detached homes increased after a dip in June from May. The suggestion—fingers were crossed—came from The increase in pending sales in June over May led to the hope that July sales would increase over June.

July closed sales were 719 homes with 685 sales in June, according to figures just posted by the Greater Albuquerque Association of Realtors. Both figures were 69% of the respective previous month’s pending sales.

July closed sales were the second highest of 2012, behind the 737 sales during May.

Prices were steady during July. Both average ($210,685) and median ($175,000) prices dropped slightly from July 2011, but increased from June. The median price went back to the May figure and tied for the year’s highest. Average prices have been around $210,000 for the past four months.

The 4,152 active listings available during July were down 18% from July 2011. Active listings have dropped about 20% as compared to 2011 during the seven months of 2012. The smaller inventory is finally turning into faster sales. During July the average home sold in 65 days, the shortest sales period in months and months.

Townhouses and condominiums, except for a 94 day average sales period, showed a nice contract with July 2011 with increases in pending and closed sales and both the average and median price.

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