August 2008 real estate statistics for the Albuquerque metropolitan area show that there were 6,381 homes on the market. 619 homes sold in Aug., with an average selling price of $239,018 compared to an average selling price of $243,411 in Aug 2007. The median selling price was $195,000 compared with a median selling price 0f $208,000 in Aug 2007.

The average number of days on the market was 74, but that figure is misleading for comparative purposes. Here's why: Since Oct 07, the number of days on the market has been determined from date of listing to date of of sale. Prior to that the statistic was determined from date of listing to date of closing. Since closing normally occurs 30 to 45 days after the sale the new calculation effectively cuts off more than a month in calculating days on market. So for comparative purposes one needs to add at least 30 days to the stated days on market to place the time period in proper historical perspective.