Average Albuquerque Home Prices Soar
Average Albuquerque home prices are up over 14% in August 2013 compared to average Albuquerque home prices in August 2012. It is incredible that the average Albuquerque home prices in August 2013 is $231,706. This is also an increase in the average Albuquerque home price of $229,957 in July of 2013. The housing market in Albuquerque is hitting on all cylinder and the Greater Albuquerque August monthly report is full of good news.
Median Albuquerque Home Prices Soar
Median Albuquerque home prices are up 9.91% in August 2013 compared to median Albuquerque home prices in August 2012. The median Albuquerque home prices in August 2013 is $229,957. The median price is the price where 50% of the homes sold above this price and 50% of the homes sold below this price.
All Good News For Home Owners
Increasing home prices is good news for all Albuquerque home owners. Many Albuquerque home owners that were under water on their mortgage are no longer under water because of the significant home appreciation. Home owners no longer under water have options that they did not have just one year ago. These home owners now have the option to sell their home or possible refinance the home.
Albuquerque home sales volumes increased by 12.21% in August 2013 compared to August 2012. The total number of single family detached homes that sold in August 2013 is 579. This is a decrease in home sales from July of 2013 when the actual number of sales was 642. The tine it took to sell a home also improved. It took only 48 days on average to sell a home in Albuquerque in August 2013. That is a 20% improvement over the time it took to sell a home in August 2012.
The Albuquerque housing market has seen a significant improvement in the past six to eight months. Homes are selling faster and for more money. It is not uncommon to see multiple offers on a home priced right in the Albuquerque metro area.
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The report was prepared on September 11, 2013 and the data was provided by the Greater Association of Albuquerque Realtors.
