Home Sales Drop 2.4% During May From May 2017

During May the sale closed for 88% of the homes with sale pending. That’s a number relationship, not reality. But the suggestion is that the sale went through on nearly all the potential sales. That’s a change.
The sale closed during May for 1,200 single family detached homes, a 2.4% drop from May 2017. Those homes were on the market an average of 40 days, a 9.1% quicker sale than during May 2017. The old rule of thumb was that a home sale took 45 days to close, plus or minus.
The inventory of homes for sale was 3,035, 17.7%, or 651 less than a year ago.
Put all these figures together and it seems as if the metro Albuquerque market is getting really, really tight. The Greater Albuquerque Association of Realtors released the May sales report today.
Pending sales did increase during May, as compared to a year before, up 244, or 21.6%. That increase was a mere 15 over April, so year-over-year implies not much. It was the largest percentage increase in pending sales for more than a year.
The median sales price, $210,000 during May increased from April, up $5,000, or 3%. A year ago during May, the median price was $199,000.
However, the average price, $239,281 for May, dropped a bit from April, down one percent, or $2,756. April’s average price increased 1.6% from April 2017.