Sales closed for single family detached homes during August nudged slightly ahead of July—all of 12 units from 719 in July to 731 in August—while the number of pending sales dropped from 1,057 in July to 1,027 in August.
After May, when 737 homes sold, August was Albuquerque’s second best sales month of 2012. The pending sales figure broke 1,000 for the third consecutive month.
For each of the past three months, closed sales have been 69% of sales pending during the previous month. The relationship, if it holds for September, suggests 709 sales this month.
Condominium / townhouse sales during August totally blew the pending sales-sales closed pattern. August saw 86 townhouse sales closed, 72% jump from August 2011. That was seven more sales closed than the 79 pending sales registered during July.
Both pending sales and closed sales were nicely ahead of 2011, up 17% and 13.2% respectively, according to the monthly sales report from the Greater Albuquerque Association of Realtors released this afternoon.
Those homes sold during August were on the market an average of 66 days, one more than during July and 13.2% faster than the 76-day average sales period during August 2011.
Median and average sales prices during August continued the pattern from 2010 and 2011 and dropped from July. The August median price ($165,000) and the average price ($201,833) were both just above the August 2011 figures.
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