Metro Albuquerque sales of single family detached homes weren’t all that bad during November, given that it was November. The Greater Albuquerque Association of Realtors released the figures yesterday.
But sales, 601 homes during November, did jump from the seasonal cliff with a 21%, or 157 unit, drop from October. The decline more than made up for the 55 home increase in sales during warm October over September. Coincidentally, sales dropped 157 homes in November 2013 from October 2013.
The good news about November’s 601 sales is that they represented a second month of year-over-year increase from 2013 after six months of year-over-year drop.
The 738 pending sales during November delivered a third consecutive monthly year-over-year increase after 11 months of decline.
The movement of pending sales to closing went slack in November as the 601 November sales were just 72% of the October pending sales. October closed sales (758) were 89% of the 854 September pending sales.
Both median and average prices showed a second month of year-over-year increase. However the median price, $175,000 during October and November, needs a $10,000 increase this month to match $185,000 median of December 2013. November’s average price of $215,899 was 3.8% ahead of November 2013 and needs a $4,000 increase to catch December 2013.
For the year, new listings peaked a 1,756 during May. Pending sales peaked at 996 during May and closed sales topped at 283 during July.
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