Seasonal Patterns Rule Homes Sales

Seasonal patterns seem to be running the metro Albuquerque single family home sales market. The Greater Albuquerque Association of Realtors released the November sales report December 12.
November’s closed sales were down from October by 27 homes or three percent, the seasonal pattern as it gets colder. Closed sales for November were 798 homes.
The number of pending sales, 880 in November, was down 118 from 998 in October.
The sales are happening expeditiously. The homes that had sales close in November were on the market an average of 54 days, the same as October.
The comparison to 2015 remains favorable. Closed sales were up 185 from November 2015, pending sales up 26%. Home sold during November nine days faster than during November 2015.
Buyers have fewer homes to consider. The inventory of homes for sale was 3,403 in November, 17% less than November 2015 and 277 homes or eight percent less than October.
There were 969 new listings during November and 1,215 during October.
The average sales price for homes that closed sale during November was $218,795, up $223 from October and up 2.7% from October 2015. The median price, $185,000 during November, was down $4,000 from October and up 2.7% from a year before.