September 2008 Home Sales Report

Published on Nov 06, 2008

For the month of September 2008 the Greater Albuquerque Area continues to see market conditions that favor home buyers. Page seven shows that listing inventory remains at over 6,000 listings where it has been for most of the year, giving buyers an abundance of choice.

On pages two, three, and four is a comparison of new listings, pending home sales, and closed home sales over the last three years. September saw 1,502 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 1,447 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 August and September there was a much steeper decline in pending and closed sales than this year.

Page eight contains a chart showing average and median sales prices over the last three years. This chart demonstrates a downward trend over the last three months. These are similar conditions to the same three months last year.

On page 11 the pending sales for the City of Albuquerque and the City of Rio Rancho are both up from this same time last year. Page 11 also shows that the City of Albuquerque has seen an increase in closed sales from last month. The Greater Albuquerque Area continues to be a buyer’s market and buyer activity in the bigger markets of Albuquerque and Rio Rancho reflects that.

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