After a quick and slight dip during April, metro Albuquerque closed sales of single family detached homes resume the upward climb in May with 1,196 sales, a 215 unit, or 18% increase from April. May sales were 178 units above May 2016.
The Greater Albuquerque Association of Realtors (gaar.com) released the May sales report yesterday.
Pending sales went the other way during May with 1,279, a drop of 52 from 1,331 in April, and ending down 20 units from 1,299 for March. The pending sales for May were 20.7% above May 2016.
The sales are happening faster. A couple of houses around the corner from me sold recently within a week.
During May homes were on the market an average of 45 days, four days or 8.2% less than May 2016. During April, homes sold in an average of 51 days with 51 days during April.
The inventory of homes for sale, 3,266 during May, is running 20% less than the comparable month during 2016.
Pries are steady to up. The median sales price was $199,950 during May, a $9,950, or 5.2%, increase from May 2016 and up $5,450 from April. The average price was $235,723 for May, down $152 from April. However, the average is up 4% from May 2017, or about $9,000, from My 2016 and up $14,000, or 6%, from April. A couple of million dollar sales can have a material effect on the average price.
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