August 2008 Home Sales Report

Published on Oct 17, 2008

For the month of August 2008 the Greater Albuquerque Area continues to see similar market conditions as the preceding months. As the autumn and winter months approach, a seasonal slowdown in real estate is expected and the signs of that are starting to show.

On pages two, three, and four is a comparison of new listings, pending home sales, and closed home sales over the last three years. August saw 1,668 new detached residential listings come on the market. While this number is down from last month it remains within the 1,500 to 2,000 new listings per month range seen for most of the year. There were 1,492 pending and closed sales, down from last month, but the decrease is not unusual for this time of year. Looking at last year’s numbers for July and August there was a similar decline in pending and closed sales.

Page six shows that the price range of $200,000 to $250,000 continues to be the top selling range. The same chart shows that there are many economical homes selling as well; the $140,000 to $160,000 price range comes in second this month with 77 detached residential sales.

Average and median sales prices are down slightly from last month, but this is coming from months in which they had seen some slight increases. Overall, prices continue to go up and down from month to month with no significantly lasting drops or gains.

The Greater Albuquerque market continues to be one of the more stable markets in the nation.

Cathy M. Olson, Chairman of the Board
505-263-7995 cathy@gaar.com