Monday, February 10, 2014

Homes Sales Up from 2013, Up and Down From December 2013 and January 2013

Differing directions characterized the movement of the various measures of single family detached home sales activity in metro Albuquerque from December 2013 to January 2014. The Greater Albuquerque Association of Realtors released the January sales report today. January typically is the slowest sales month of the year.
January sales of 539 homes were 116, or 18%, less than the 655 sales during December. However, following the difference theme, January 2014 sales were 59 units, or 12.3%, more than January 2013.
Pending sales went the other way with the 769 pending sales during January being 137 units, or 22%, above December. On the year-over-year comparison, January pending sales were 200 units, 20.6%, below January 2013.
The home sales that did close during January took longer. For January 2014 the average sales period was 76 days, two days more than January 2103 and up 31% from 61 sales during November.
As with the sales figures, price movement couldn’t pick a direction.
The median sales price was $167,900 for January. That was up 6.3% from January 2013 but down $17,100, or 9%, from December 2013. The median price drop from December took the price back to the level of November ($170,000) and October ($166,000)
For average prices, $203,687 in January 2014, the directions were the same, back down from the December increase but up 9.5% from $186,051 in January 2013.
For the year and including townhouses, condominiums and single family detached homes, sales were 9,741 units, a 1,342 unit, or 16%, from 2012. Annual sales hit bottom in 2011 with 7,376 units. The peak was 2005 with 14,183 units.

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