During August the metro Albuquerque real estate market continued drifting gently down as compared to 2013. The Greater Albuquerque Association of Realtors released the August sales report yesterday.
Closed sales of single family detached homes, 822 during August, were down both from July and from August 2013. Sales were down only one unit from the 823 closed sales during July, but the performance broke a seven month string of month over month sales increases. Sales were down 35, or 4.1%, from August 2013, continuing the year-over-year sales declines that have characterized 2014.
The 857 sales pending during August represented a double decline. Pending sales were down 29 August 2013 and 129, or 13.1%, from July, indicated a further drop in closed sales for September.
The average price for homes closed during August was $216,148, incorporating the contribution toward raising the average from three homes sold in the $1 million and over group. The average price was down from both July and from August 2013.
The median price was $184,100 for August. The figure was down from July but up $1,600 from August 2013. The price group from $200,000 to $249,000 was the most popular during August with 134 homes sold. However, at $49,000, that group is wider than other price categories. If combined, the two next lower price groups accounted for 143 sales during the month. The two groups are from $160,000 to $179,000 and from $180,000 to $199,000. These two cover a $39,000 spread.
Home sales took an average of 65 days to close during August. That was five days longer than during July 2014 and August 2014.
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