During May median and average prices for metro Albuquerque single-family detached homes hit the highest level for May since 2008, the year of the market peak.
With 984 closed sales during May, up nine percent from May 2015 and with a 54 unit or six percent from April, sales continued improving. Those 984 sales closed in an average of 49 days, eight days faster than April and 13 days quicker than May 2015. The average sale period was 70 days in February.
The number of pending sales during May—1,215—showed a miniscule four-unit increase from April and declined 19 units of 1.5% from May 2015, suggesting a slowing of the sales pace. During May 81% of April’s 1,211 pending sales turned into closed sales.
The median sales price was $193,000 during May, an $8,000 increase from April and up $12,000 from May 2015.
The $228,457 average sales price for May was up $11,000 from April and increased $10,000 from May 2015. Both the median and average price were the highest since the beginning of 2014.
For condos and townhouses, the average ($151,686) and median ($147,250) price dropped slightly during May.
Detached homes in the $200,000 to $249,000 price remained the biggest sellers. During May five homes sold in the $750,000 to $999,000 group and two sold for $1 million or more.
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