As of today, Nov. 2, 2009, Realty Times reports that the average interest rate nationally for a 30 year fixed interest rate loan is 5.03% compared to 5.04% last month. The number of homes that closed during the 1st 10 months of the year was 4729 compared to 5317 that closed during the same period last year. The difference of 588 homes demonstrates a slower market compared to the same time in 2008. The supply of homes as of the end of October is 3561 compared to 4263 at the same time last year and 146 less than the end of last month. The homes currently on the market have been on the market 112 days on average compared to 97 at this time last year. Although there are less homes on the market compared to last year, the big difference in sales and the significantly longer market time remains a concern. There continues to be a bright spot, 914 homes were in pending status, compared to 464 in pending status at the same time last year.
To best understand what is going on in this market you should consider the trend over the past few years. Starting with 2003, 8130 homes sold at an average price of $163,431 ($88 per square foot) and 29 days on the market. In 2004, 4065 sold at an average of $171,693 and $92 per square foot. In 2005, 10,301 sold at an average price $198,135. In 2006, 9910 homes closed at an average price of $218,402. In 2007, 7722 closed at an average price of $236,913 ($133 per square foot) and 39 days on the market. Last year, in 2008, 5974 homes closed at an average price of $223,652 ($125 per square foot) and a median price of $187,000. These homes were on the market an average of 66 days.
At the close of business on October 31st there were 3561 homes of all classes on the market in Albuquerque. The median list price for these homes was $224,997 and the average $313,656. The average days on the market is 112. Additionally 914 homes were in pending status, meaning they have sold but not yet closed. These homes were listed for an average price of $207,490 and a median price of $170,000. The average market time was 81 days. During the first ten months of 2009, 4729 homes closed at an average price of $208,022 and a median price of $176,500. These homes were on the market an average of 75 days. The average per square foot price was $116.
As my report shows the market has definitely changed. I've had to totally change the way I market real estate. However, I'm really excited about it because there are great opportunities out there for both buyers and sellers. If you are in the market to buy or sell you want to put your trust in someone who knows the market conditions in your area. Please contact us by phone (505-922-0622) or email (landjsalas@msn.com) if you are interested in buying or selling in Albuquerque or vicinity, or just interested in knowing the market conditions in your neighborhood or another particular area of town.
Location Characteristics: Albuquerque is New Mexico largest city and the United States' 33rd largest city based on 2004 U.S. Census estimates. It is also one of the United States' finest and oldest cities having been founded over 300 years ago in April 1706. Located in central New Mexico at the foot of the Sandia Mountains and in the Rio Grande river valley Albuquerque is situated at an elevation of about one mile above sea level. Albuquerque is served by an International Airport, and is the seat of the University of New Mexico. It is a highly educated city. On a percentage basis Albuquerque ranks 16th in the nation in terms of cities with the most college graduates. Albuquerque is a noted health resort and vacation spot. It has museums of art and anthropology, an Atomic Museum, a world class zoo, and a charming and historic Old Town with shops and world class restaurants. Albuquerque is home to the world's premiere balloon fiesta. Among its various industries and employers are companies involved in homeland security, nuclear and solar energy, electrical machinery, computer parts, processed food, aviation and aerospace, printed materials, and forest products. In 2006 Albuquerque was named by FORBES Magazine as the best city in the nation for Business and Careers. Kiplinger's magazine named Albuquerque as the 3rd best city in America to live. These are only a few of the many accolades received by Albuquerque in the past few years. Come and see us.
About Larry and Judy Salas:
Both Larry and Judy are graduates of the University of New Mexico. Larry has a Master's Degree in Business Administration from the George Washington University and is a native New Mexican. With the Salas team you can expect: - Over 20 years of real estate experience. - Someone who will work tirelessly in your behalf. - Honesty and integrity above all.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
