Market Update - January 2010 Home Sales

According to the Greater Albuquerque Association of Realtors (GAAR) 43 attached and 349 detached homes sold in the Greater Albuquerque area, reflecting an increase of 7.72 more closings than occurred in January 2009. In addition, 740 detached and 82 attached homes were under contract and awaiting closing - a total of 2960 more than in January 2009.

Of the detached homes sold, 241 were in Albuquerque, 1 in Corrales, 57 in Rio Rancho, 4 in Bernalillo, 4 in Placitas, 19 in the East Mountains/Estancia area and 23 in Valencia County. Sales increased in Albuquerque, Rio Rancho, Bernalillo, Placitas and the East Mountains, held steady in Valencia County, and decreased in Corrales.

Both average and median sale prices declined from January 2009 to January 2010. In January 2010 the average sale price for a detached home was $205,624 and the median $172,240. In January 2009 the average sale price was $214,872 and the median $175,000. For attached homes the average sale price in January 2010 was $141,351 and the median $144,000. In 2009 the average attached home sale price was $180,159 and the median, $158,500

New listings entering the market in January numbered 1617. This was 3.30% less than in January 2009 when 1,658 listings entered the market. In January 2010, the Greater Albuquerque area had 4,766 detached and 566 attached homes listed for sale, 10.23% fewer than there were in January 2009 (5,309 detached and 616 attached).

The number of days on the market for detached and attached homes declined 3.5%. We are exiting the traditional slowest market period of the year but the past months have not been  traditional in any way.  We had  a market scarred by short sales, foreclosures and tight lending practicest and we had the federal input of stimulus funds and regulations. The statistics for February should be in soon. It will be interesting to see if trends remain consistent.