We believe that the Albuquerque market is leveling off. However, with an 9.07 month supply of home in the Greater Albuquerque Metropolitan Area, it's still a Buyer's Market. (a six month supply of homes is considered a balanced market) Lower home prices are another indicator of a Buyer's Market. Home sale prices are still on the decline compared to this time last year and it may be a number of years before we see values what they were several years ago.
Single family home closed sales increased 10% from 600 in August 2009 to 661 in September. Closed sales increased from 604 in September 2008 to the 661 September figure, a 9.4% increase.
Pending sales or homes under contract but not having closed escrow increased dramatically from 706 in September 2008 to 923 in September 2009 - a 30.74% increase. Number of new listings continued to fall from last year suggesting a continued rebalancing of the market.
With both closed and pending sales up nicely from last year, you gotta wonder how much of the increases are attributable to the $8000 federal tax credit and whether these numbers will drop after the program ends November 30th.
Both median and average home prices have remained fairly stable over the past 12 months. The average sales price of a home has fallen over $51,000 or 19.7% since it peaked in July 2007 at $261,699.
The average and median prices for single family homes saw declines compared to the corresponding values in 2008. The data are presented below.
Single family home, average price: $222,947 in September 2008 $209,987 in September 2009, a decrease of 5.81 percent.
Single family, median price: $186,750 in September 2008 $179,900 in September 2009, a decrease of 3.67 percent.
Inventory of homes is down slightly over last year. As of the September 2009 report, there were 5,156 single family homes on the market, a decrease of 16.58% from September 2008 when there were 6,181 homes for sale. As of today, October 19, 2009 there are 5,936 homes on the market in the general Albuquerque and Rio Rancho metropolitan areas - 5,072 detached and 599 attached plus 265 manufactured homes.
Average time on market has increased 2.70% from 74 days in September 2008 to 76 days in September 2009, the smallest increase in three months.
With a good selection of homes available, historically low interest rates and prices remaining stable, it's a great time to buy or sell a home! Call us at 792-7627 or 7628 to get started!
ZIP Codes: 87109, 87110, 87111, 87113, 87112, 87123, 87108, 87106, 87107, 87120, 87114, 87108 Approximate Location Boundaries: Entire metropolitan area
Location Characteristics: High Desert residential environment
About Keith and Gina MacRae:
Keith and Gina guarantee you "Excellence Beyond Expectations"
You will get top dollar for your property and obtain the best price and terms for your new home due to their extensive experience in finance, contracts, negotiation, and marketing.
You can trust that you will receive knowledgeable representation as a result of their years of professional practice as a Sales Manager, Qualifying Broker and Sales Associate
You will receive the finest electronic and conventional marketing available by an technology expert who has earned their e-PRO designation as an Internet marketing specialist.
Keith and Gina offer exclusive Buyer or Seller representation.
Visit us at www.HomesOfAlbuquerque.com or www.homesofenchantment.com. Call us now toll Free 1-800-437-6387
We rank among the top 2% of agents within our local company and were named to Coldwell Bankers President's International Elite as among the top 4% of over 90,000 Coldwell Banker sales associates internationally. You can trust that we will use our over 26 years of experience in finance, contracts, negotiating, and marketing to your best advantage.
Combining our extensive knowledge of Albuquerque real estate with our expertise in the business will produce results for you. We also specialize in military and corporate relocation. Both of us are certified relocation specialists for USAA, Cendant Mobility, Intel and others.
Gina is recognized as a top negotiator within our company and has been a full time Realtor since 1988. Keith is currently a Broker with our company; managed a multi-million dollar real estate office; troubleshot many tough negotiations and have been recognized nationally as a top relocation specialist for several years.
Annually, dozens of people trust us with millions of dollars of residential properties. We pride ourselves on our "hands on" style and strive for "Excellence Beyond Expectations." Visit our other personal websites at HomesofAlbuquerque.com to obtain school and area information as well as search a huge inventory of homes for sale. We look forward to helping you with your move.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
