The Greater Albuquerque Association of Realtors has made its Home Sales Report available for the month of October, 2008.

The report shows that the Albuquerque Area continues to see market conditions that favor home Buyers. Listing inventory remains close to 6,000 listings. This is approximatly where it has been for most of the year.

In October 1,411 new detached residential listings hit the market. This is down 6% from last month, following a similar trend for the last 3 years. 1,086 homes Closed. This is down from last month, but the decrease is not unusual given the time of year.

Pending Sales in Albuquerque are virtually unchanged from last October, going from 406 to 402. Pending Sales in Rio Rancho went up 2% from last year at this time.

The median price for detached homes has gone up since last month. The highest increase was in condo and townhome sales with an 18% increase in the Median Sales Price from last month.

Sellers can expect to sell their single-family homes in approximatly 72 days and condos/townhomes typically sell within 53 days. The days on market for home sales in October went down from last month.

The full report is available HERE.

Labels: Albuquerque, Market Stats