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Homes Selling Faster

During May, metro Albuquerque homes sold at the fastest pace in more than two years.

The average single family detached home sold during May was on the market for 66 days, the shortest average sales period since April 2008. For condominiums and townhouses, the average sales time was 84 days during May, 12 days faster than April.

May saw the sale of 731 detached homes, a 29% increase from May 2009. The performance continued the streak of monthly year-over-year sales increases that begin in September 2009. Condo/townhome sales, 103 during May, more than doubled sales from May 2009.

Selling prices appear to have stabilized around the metro area. The median sales price for detached homes was $175,000 during May, the same as March and April. The average sales price has been in the $210,000 vicinity since August 2009.

The 678 pending sales for May were a 47% decline from April. Nationally, real estate observers say some sales were pushed into April by the first-time buyer tax credit.

Posted by Dan Carpenter @ 4:21 PM on 07/02/2010
Tags: Albuquerque First Time Buyers Real Estate, Tax credit, $8000, Albuquerque, HOmes for sale, Tax rebate, rebate, first time homebuyers
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