Highest 1st Quarter Sales since 2008
Albuquerque, NM, April 23, 2012 – 1st Quarter 2012 single-family home sales increased 11.75% from 1st Quarter 2012, also making it the highest year over year 1st Quarter gain in home sales since 2008. Average sale prices saw a 6.26% reduction from 1st Quarter 2011 while the median price saw a 3.61% drop from the same period.
"The real estate market is ready for good news," said Marc Guggino, President of the Greater Albuquerque Association of REALTORS®, "and this is the third consecutive quarter that sales have improved over the same quarter the prior year" "Supply and demand economics is starting to work," said Guggino. "Inventories are low, interest rates are low and the consumer is anticipating that prices will soon stabilize, all factors that encourage them to get back into the market," he continued.
The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 3000 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.