At the end of November, metro Albuquerque sales of single family detached homes were cruising along, 545 units, or 5%, ahead of the comparable 11 months in 2017. Then came December. Sales dropped 66 units from December 2017 to 845 units for the months. December sales were down 51 units from November as the market heads for the seasonal low in January or February. Sales finished the year 487 units ahead of 2017, a 4.1% gain.
Closed sales were 735 in January 2018.
June was the only other month during 2018 when sales dropped from the comparable 2017 month.
Call it cold weather or rising interest rates.
Still, people are thinking about buying a new home. For December there were 796 sales pending, a 22.1% jump from December 2017. The percentage increase was even better than November when pending sales were 17.1% up from November 2017. Pending sales were 912 units in November.
The median price was $209,950 for homes sold during December, an 8.3% hike from December 2017 and the second highest monthly median for the year behind only the $211,670 seen in June. The average price was $246,348 for the December sales, up 6.9% from a year earlier, but just fourth highest average for 2018.
December’s homes sold in an average of 53 days, one day faster than during December 2017
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