As of today, February 1, 2012, Realty Times reports that the average interest rate nationally for a 30 year fixed interest rate loan is 3.98% compared to 3.95% last month. The number of homes that closed during January 2012 was 288 compared to 300 that closed during January 2011. The supply of homes at the end of January 2012 was 2619 compared to 3451 at the end of January last year. The homes currently on the market have been on the market 127 days on average compared to 117 at this time last year. In addition, 666 homes were in pending status, compared to 539 in pending status at the same time last year. The increased numbers of pending sales is a positive sign.
To best understand what is going on in this market you should consider the trend over the past few years. The information displayed below is: year, homes sold; ave sales price, sales price per square foot, days on market.
At the close of business on January 31, 2012 there were 2619 homes of all classes averaging 2026 square feet in size on the market in Albuquerque. The median asking price for these homes was $184,999 and the average $259,807. The average days on the market is 127. The average asking price per square foot is $128. Additionally 666 homes averaging 1901 square feet were in pending status, meaning they have sold but not yet closed. These homes were listed for an average price of $199,928 and a median price of $162,900. The average per square foot asking price was $105. The average market time was 87 days. During January 288 homes averaging 1887 square feet in size closed at an average price of $186,793 and a median price of $165,000. These homes were on the market an average of 81 days. The average per square foot price was $99. This should be compared to last years prices to see how January 2012 home sales compared to last year and years past.
As my report shows the market continues to change. The continuing historic low interest rates put lot of homes within reach of people who could not have afforded them in the past. I've had to totally change the way I market real estate. Clearly there are continuing 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 this 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' 34rd largest city based on 2008 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. Most recently Business Week magazine named Albuquerque 15th best city in America. 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.
