Friday, January 21, 2011

Things are looking up in Albuquerque!

The Albuquerque metro area has mirrored the national trend for sales of previously owned homes!
Closings leaped from 469 closings in November to 505 closings for December 2010. The median price of existing, detached houses was $178,000. This was a slight increase of $1,000 from November 2010. It should be noted that the median price (the price at which 1/2 the homes are above and 1/2 the homes are below) is considered the most accurate because it is less affected by activity at either end of the market.
Other good news regarding the Albuquerque Real Estate market is that when compared to 2009, the median price for Albuquerque homes for sale increased year over year for the 4th consecutive month, and the average price increased year over year for the sixth consecutive month!
2010 was the lowest point for closed sales in Albuquerque for a number of years, but the sales activity seems to be gaining momentum so far in January 2011.
If you are planing to buy a property, I would get in the market as quickly as possible to possibly avoid the springtime rush.

by Tim Fish
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