As of today Dec 1, 2009 Realty Times reports that the average interest rate nationally for a 30 year fixed interest rate loan is 4.83% compared to 5.03% last month. The number of Corrales homes that closed during the first eleven months of the year was 67 compared to 72 homes that closed during the similar period in 2008. As of close of business on Nov. 30th there were 118 Corrales homes on the market compared to 155 on the market at the same time last year and 129 at the end of last month. A sign of improvement in the market is that the current homes have been on the market 134 days on average compared to 138 at same time last year. A continuing bright spot for Corrales home sellers is the number of pending sales which is 18, compared to 5 in pending status at the same time last year.
To best understand the market you need to see what the trend has been over the last few years. In 2003, 162 homes sold at an average price of $328,141 ($132 psf) In 2004, 151 homes sold at an average of $408,000 ($148 psf). In 2005, 180 homes closed at an average sales price of $438,857 ($166 psf) and 55 days on market. In 2006, 130 homes closed at an average sales price of $487,779 ($189 psf) and 49 days on market. For 2007, 92 homes closed at an average price of $482,593, ($190 psf) and 68 days on market. Last year, in 2008, 74 homes closed at an average sales price of $525,340, ($190 psf) and 93 days on market. .
As of close of business on Nov. 30th there were 118 homes of all classes on the market in Corrales including 9 priced between $1,000,000 and $2,990,000. The average asking price for Corrales homes was $654,431 with a median price of $577,450. The average per square foot asking price is $214. Additionally 18 homes are in pending status meaning they have sold but not closed. The average asking price for these pending homes was $550,933 and the average days on the market was 166. During the first eleven months of 2009, sixty-seven homes closed in Corrales at an average price of $420,314, and a median price of $404,500. The average days on the market was 113 and the average per square foot price was $157.
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 Corrales or elsewhere in the region or just in knowing the market conditions in a particular area of town or subdivision.
ZIP Code: 87048 Location Characteristics: Corrales is an historic country village bordering Albuquerque's north west side and located just west of the Rio Grande River. Corrales has family farms and orchards and many of its residents own horses. Corrales is also known for its fine restaurants and its shops and art galleries. A recent "Money" magazine chose the 100 best small towns in America and Corrales is pleased to be recognized as the 19th best. The average home price is over $450,000 and most homes are on 1 acre of land or more.
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.
