The Albuquerque are up 43.05% compared to Oct. '08. Pending Sales in Oct. were UP 56.52% compared to Oct. 2008. October 2009 is the second highest sales month for the year and the 3rd highest sales month since 2007. Pending sales in Rio Rancho were UP 72.97% compared to Oct. '08. Closed Sales in Alb. were UP 10.59% from Sept. This is continued Great News! New Listings were down 10.42% compared to this time last year. The median sales price for detached single family homes was down 8.84% compared to Oct. '08 to $173,200. The median price for detached homes in Rio Rancho was down 2.37%, to $165,000, compared to this time a year ago. For condos/townhomes the median price was down 11.25% to $142,000 compared to this time last year. Days on market for single family detached homes was DOWN 1.39% compared to Oct. '08, to approx. 71 days. Listing inventory of single family homes has come down dropping 17.18% compared to Oct '08 to 4938.
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. Also there is now an incentive for homeowners who have lived in their homes for 5 years to get a $6500 tax credit. The deadline for a purchase contract is April. 30th and June 30th to 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.
