The Albuquerque area is seeing some good sales activity. Pending Sales for single family detached homes in Sept. were UP 30.74% compared to Sept. 2008. Pending sales in Rio Rancho were UP 22.31% compared to Sept '08. Closed Sales in Alb. were UP 10.17% from Aug. and UP 9.44% compared to this time last year. This is continued Great News! New Listings of single family homes were down 8.46% compared to this time last year. The median sales price for detached single family homes was down 3.67% compared to Sept. '08 to $179,900. The median price for detached homes in Rio Rancho was down 1.60%, to $174,500, compared to this time a year ago. For condos/townhomes the median price was UP 5.56% to $142,500 compared to this time last year.. The average sales price was down .59% to $152,094. Days on market for single family detached homes was DOWN 2.90% compared to Sept. '08, to approx. 67 days. Listing inventory of single family homes has come down dropping 16.84% compared to Sept '08 to 3091.
Albuquerque has fared a lot better than most markets around the country. We are seeing a continued trend in increased sales as we come out of this downturn. We are ahead of most markets. We are still considered a great place to live and work and our cost of living is good. Unemployment is not nearly as bad as other markets throughout the U.S. Buyer activity should continue to increase. Inventory is dropping, and interest rates are still low and prices are very attractive. This should be a great opportunity for buyers. For first time buyers there is the added incentive of up to an $8000 tax credit if they hurry. The deadline is a Nov. 30th close.
For more detailed area market conditions, please email me or give me a call. I will be happy to assist. Go to my newsletter or web site to check the latest interest rates. Also, give me a call if you are wondering how the market could be working for you.
ZIP Code: 87104-87124 Approximate Location Boundaries: Albuquerque, Rio Rancho and surrounding area
About George Russell:
* Certified Residential Specialist - only 1 out of 5 Realtors have earned this distinction.* Accredited Buyer Representitive* Ranked as one of the top ranked professionals in New Mexico. Hall of Fame inductee .* Member of Board of Directors for the Southwest Multiple Listing Service. Please give him a call if you have any questions about our market or if you are considering a move in the near future. Let him show you how he can help. "Working to Earn Your Trust for a Lifetime"
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
