In the fourth quarter of 2010, new listings of single-family detached homes In the Greater Albuquerque area numbered 3,053. Attached (townhomes and condos): numbered 338, reflecting a decrease of 7.88 percent from the fourth quarter of 2009 .
Closed sales numbered 1,470 single-family detached homes and 164 attached, a 25.83 percent decline from the fourth quarter of 2009 when sales numbered 1,982 for single-family detached and 209 for attached homes.
In the fourth quarter, the average sale price of single-family detached homes was $220,365 and single-family attached, $147, 364. The single-family detached average home price was higher than in both 2008 and 2009. In 2009 the average price was $210,840 for detached and $149,514 for attached. In 2010 the overall average price increase was 4.64 percent.
In 2010, the median for detached homes was $179,000 compared with $175,000 in 2009, an increase of 2.29 percent. The median price of attached homes at $141,669 reflected an increase of 1.26 percent above the 2009 median of $139,900.
For the quarter, the average number of days it took to sell a home increased from 76 in 2009 to 81 in 2010 (6.58 percent).
It is generally agreed that the continuing availability of distressed properties (short sales and bank-owned properties) continue to weigh down a market that is struggling to make a break free of restraints. It will be interesting to see if the first quarter of 2011 and the promise of spring provide a stimulus.
Statistics provided by Greater Albuquerque Association of REALTORS.
Analysis by Eloise Gift
