Albuquerque Real Estate Stats were published last week by the Greater Albuquerque Association of Realtors. Here are some of the highlights of the report for detached homes:
- Closed home sales were up 13% year to date
- Home Inventory was down 22% year to date, and at the lowest level in 5 years
- The supply/demand ratio was down to 4.52 months of inventory
- Median sales price was down 4%
- Average sales price was down 3%
Here’s a breakdown of stats comparing Albuquerque and Rio Rancho market activity:
|Total Sales||up 12.55%||up 1.61%|
|Home Inventory||down 23.69%||down 27.68%|
|Median Sales Price||down 3.49||up 4.25|
|Average Sales Price||down 5.58||up 8.10|
As you can see, Albuquerque fared better for total sales while both Rio Rancho and Albuquerque experienced great decreases in home inventory. Home prices continued their decline in Albuquerque while home prices in Rio Rancho actually increased.
If the trend of increased sales and decreased inventory continues, home prices will begin to recover. A real recovery however, will be indicated not by one month’s worth of stats but by several months worth of real estate stats.
These statistics were compiled from the Greater Albuquerque Association of REALTORS®data on 02/21 /2012. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included. View the full report here.