Market Update - Greater Albuque Area - February, 2009

Indicators for February's residential real estate market in the Greater Albuquerque Area were inconclusive as to whether the e. market was shifting upward or down. We had more new listings entering the market than in January but the inventory is decreasing. The combined total for detached, single family homes, condos and townhomes is just over 2,000. That's good! We had more closed sales in February than in January but fewer pending sales (properties with accepted offers awaiting closing). In January we had 324 closings and in February, 343; significantly less than at the same time 2008. Not every market area saw activity. The busiest areas for the month were City of Albuquerque and Rio Rancho followed by the Los Lunas, Belen, Bosque Farms area.

Average sales price continued its downward trend, but the median price showed a slight increase. The average sales price for single family homes was $209,515. The median was $184,900. The top selling price range for detached homes was $200,000 to $249,000, and for condos and townhomes $140,000-$159,000. The average number of days on the market increased to 96. We approximately a nine-month supply of homes listed for sale.

Content provided by: Greater Albuquerque Association of Realtors, http://abqrealtors.com