December 2008 Home Sales Report

Published on Jan 09, 2009

For December there were 917 new detached residential listings added to our market. This number is down 18.2% from last month, and down 13.8% from December of last year. New homes on the market tend to decrease in the winter months. Despite the decrease in new listings, the overall market inventory remains over 5,200, only 5% lower than the same period last year.

December 2008 shows a combined total of 899 Pending and Closed Sales in the Greater Albuquerque market area. This total is down from last month by .6%, and down 15% from December 2007. Historically, an increase in homes sales does not occur until the month of February. The good news for our market is that Residential and Condo homes sales are higher than the previous month.

The Days on Market it takes to sell a single family home in our market has decreased 5% from last month. Median Sales Prices are down slightly for Detached Homes in the Market Area. Condos/townhomes continue to see an increase in list price and sale price. Compared to last month, Condo Sale prices are up nearly 10%, and compared to last year at this time Condo Median Sales have increased 13%.

We have added a new chart for Closed Sales on page 12. This chart identifies sales in the Albuquerque Area using a color scale.

This will be my last posting for the Monthly Market Reports as 2008 Chair of the Greater Albuquerque Association of REALTORS®. It has been an honor serving as the Association’s Chair, and we can expect another exciting year and strong guidance by our 2009 Chair, Don Padilla.

Cathy Olson, Chairman of the Board for 2008
505-263-7995 cathy@gaar.com