Winter Continues for Abq Home Sales

Fewer single family detached homes have sold in metro Albuquerque of the few months and they took longer to sell. The standard winter slump? No doubt, mostly? But the average number of days that a home is on the market has risen steadily from 54 last November to 66 in February. The February average days figure was nine days less than the 75 days needed for a sale in February 2015. Some good news lurks.
February saw the sale closed for 633 detached homes, down 29 from January and down 39, or 5.8%, from January 2016. The 633 sales were 68% of the 937 sales pending during January, a relatively low proportion.
The 28 days of February masked a performance improvement from January. During February an average of 22.6 homes sold each day. During January, average sales per day were 21.4. Both figures were well down from December when 28.2 homes sold each day, even with all the holiday disruption.
The Greater Albuquerque Association of Realtors released the February sales report today. See gaar.com.
The median sales price was $186,500 during February. The average price was $223,104. Both figures were up just over 6.5% from February 2016. The average price has increased about 10% from February 2015.
Pending sales were 1,059 during February, a 12% increase from a year before. Pending sales were 770 in December and 937 in January.