Wednesday, October 10, 2012

Albuquerque Home Sales Up From September 2011

Albuquerque seems to have a new paradigm for selling more single family detached homes, year-over-year, in the metro area: lose jobs. The concept is bizarre, but that’s what has happened the last few months—more homes sold, continuing job loses.

September saw 653 homes sold. The performance followed the seasonal pattern of declining sales from summer months, down 78 units or 11% from August. The happy surprise is a 61-unit 26.3% increase from September 2011. The September 2012 sales even beat July and August of 2011. The Greater Albuquerque Association of Realtors released the numbers today.

Buyers chose from fewer homes than a year ago when the metro had 4,703 total listings available during September. September 2012 had 4,081 listings available.

September’s sales took a little longer than during August—70 days on average versus 66 days. However the average September 2012 sale took 15 days less than during September 2011 when the sales period was 85 days.

Median and average prices increased from August and from September 2011. The September median was $172,000, up 4% from August and up 0.3% from August 2011. The average for September was 203,016, a 0.6% increase from August and 3.4% more than September 2011. The average sale price has stayed above $200,000 since April.

Using pending sales as a predictor, single family detached sales closed during October can be expected to show a further decline from September. Pending sales during September were 884 homes, a 9.3% increase from September 2012, but down 143 units or 14% from August.

The 653 sales closed during September were 64% of the 1,027 sales pending during August. If 64% of the sales pending during September closed during October, that would be 565 homes sold.

No comments: