All the home sales data may not be in yet, but it looks like August was another mixed month for home sales the Albuquerque Metro Area.
Home Sales in the City of Albuquerque
Total home sales were up 9.5% year over year, with pending sales up a whopping 24%. While home sales were up, the number of homes for sale decreased by 20%.
The average sales price showed some improvement, increasing by 2% year over year.
House Sales in Rio Rancho
Home sales in Rio Rancho were much less spectacular, declining by 5.5%. Pending sales were up an outstanding 40% while the number of homes for sale decreased by 19%.
The average sales price declined by nearly 2%.
East Mountain Real Estate Sales
The east mountain area fared very well with a 7% increase in sales and a incredible 50% increase in pending sales. Homes for sale decreased by nearly 4%.
The average sales price was up 11%. View East Mountain Homes for Sale.
Valencia County Market Stats
Valencia County was the weakest area of the four, with total home sales down 17%. Pending sales were down slightly, about 2%.
The average sales price, however, increased by 20%.
East Mountain home owners saw the biggest improvement last month in both total sales and average sales prices, while Rio Rancho home owners experienced the slowest market with both sales and prices.
It's not unusual to see mixed numbers when a market is in transition as different segments struggle more than others to improve. It won't be until we see increases across the board in all stats and all areas that we can truly say the market is recovering.
That being said, things are definitely looking up and 2013 ought to be a very interesting year in Albuquerque real estate.