More homes sold in metro Albuquerque for more money than in months and months, according to the March sales report released today by the Greater Albuquerque Association of Realtors.
March closed sales of 827 single family detached homes were 49%, or 273 homes, more than February (March does have three more selling days than February) and 19% more than March 2014. The March sales were the highest since the sale of 857 homes closed during August 2013.
During March the number of pending sales jumped 20% from February to 1,102 and showed a 16% increase over February 2014. February pending sales also increased 16% over the previous year. Of the 921 pending sales during February, 90% turned into closed sales during March.
Average prices increased 5.5% during March to $210,069, pushed along by the sale closing for four homes in the $1 million-plus category. Sales increased in 10 of the 12 price groups about the $100,000 threshold. Sales were the same as March at 21 homes in the $500,000 - $749,000 group and dropped one—from three to two—in the $750,000 to $999,000 group.
The median price increased $6,000, or 4%, to $175,000 during March. The $175,000 median price is the highest March median since 2010.
The absorption rate has been below 5.5 months since December, indicating a better than average market. The supply-demand ration has dropped by half to 3.33 since December, meaning a tightening of supply relative to demand.
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