December Closed Sales Finish Year Strong
Albuquerque, NM, January 10, 2014 –.As the year closed, December 2013 continued the trend of outpacing sales from the previous year. All twelve months of 2013 saw sales increases from 2012. Closed sales of detached single-family homes were 655 for the month of December, a 7.91% increase from the previous year.
The average sales price of $219,909 was a 4.13% increase from December 2012, while the median sales price also increased 9.14% to $185,000. Interest rates for 30 year fixed rate mortgages finished the month of December at 4.48%, a 33.73% increase from December 2012’s number of 3.35%.
“Buyers are watching interest rates slowly tick upward and are making a move,” said John Kynor, President of the Greater Albuquerque Association of REALTORS®. “Early numbers show that 2013 may be the biggest year of sales since 2007,” he said.
To see the full report for December market statistics, go to GAAR.com and click on Market Statistics.
The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3,000 members pledged to a strict Code of Ethics and Standards of Practice. Established in 1921, GAAR is recognized as a leading provider of real estate information services, data and education in New Mexico.