First Quarter Home Sales See Largest Gains Since 2008

Single-family home sales increased 11.75% from 1^st Quarter 2012. This makes the gains the largest first quarter gains in home sales since 2008. The average sale prices however saw a reduction of 6.26% from 1^st Quarter 2011. The median price saw a 3.61% drop from the same period. The number of homes going into a pending status has realized a 20% - 32% increase over the same month of the previous year for the past nine months. Continued low interest rates for mortgages actually having dipped below 4% during the month. In many areas of Albuquerque home values are beginning to rise too with the average for non distressed homes now over $236,000 compared to $225,000 last April.We anticipate 2012 home values will continue gaining ahead of 2011. \"The real estate market is ready for good news,\" said Marc Guggino, President of the Greater Albuquerque Association of REALTORS^®, \"and this is the third consecutive quarter that sales have improved over the same quarter the prior year\" \"Supply and demand economics is starting to work,\" said Guggino. \"Inventories are low, interest rates are low and the consumer is anticipating that prices will soon stabilize, all factors that encourage them to get back into the market,\" he continued.

 

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Best contact: 505-980-7788Jim Gross -- Keller Williams Realty, Albuquerque NM

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