Abq Homes Sales Pattern Continues

The pattern of past months continued during February for the metro Albuquerque residential real estate market. The Greater Albuquerque Association of Realtors released the February sales report on Monday, March 11.
The pattern: Closed and pending sales up. Prices up. Inventory of homes offered for sale, down. Or, demand up, supply down, prices up.
The number of home sales closed during the month continued to increase on a month over month basis from 2018. There were 747 sales closed during February, a 7% increase from February 2018. The exception here is that sales dropped 7.5% during December 2018. But that was the first month over month drop since June 2018.
Pending sales continued up. February’s pending sales were 1,074, a 10% hike from February 2018 and 157 more than during January, which was up 1.7% from January 2018.
Inventory, as noted, went the other way. February saw 2,090 homes offered for sale, a big 690 unit, or 24.8%, drop from 2,780 in February 2018 and down 30% from 2,977 in February 2017.
The median sales price, $203,500, increased 4.4% from $195,000 in February 2018 and was up $1,255 from January.
The average sales price increased 7.1% from February 2018 to $242,062. The average sales price did drop from $250,777 in January and $247,759 in January. October 2018 was the only month over month average price drop during the past year.
Homes did sell a bit more quickly in February than during February 2018. The difference was just a day—55 days versus 56 days. Home required an average of 50 days to sell during January and 52 days during December. Both figures were faster than the year before.