January Pending Sales Strongest Since 2008
Albuquerque, NM, February 13, 2012 – There were 836 pending sales of detached homes for January 2012 the strongest number of pending sales since January 2008. Closed sales of 411 were reported also the strongest January since 2007. Inventory is the lowest since July 2006.
The top selling price range for detached homes was $120,000 to $139,999. Sixty three percent of the total homes sold were in the range of $100,000 to $249,000. Twenty-one percent of detached home sold were over $250,000. Based on these numbers, average sales price is $194,352.
"Consumers are buying in price ranges that are extremely affordable," said Marc Guggino, President of the Greater Albuquerque Association of REALTORS®. "People look at the median and average and say the market is falling, but these numbers are truly based on the mix of product that is selling," continued Guggino. "We are holding our own in this interesting market," he stated.
The Greater Albuquerque Association of REALTORS® is the largest local professional trade association in Central New Mexico with nearly 2700 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.