Another month of mixed signals. Could this mean that we are approaching the bottom of the market here in Albuquerque? Detached, single family homes going under contract in December rose over 11% from December 2010 however the average sales price of a home fell for the tenth straight month.
There's a 6.91 month supply of homes in the Greater Albuquerque Metropolitan Area and the market is still tipped in favor of The Buyer. (a six month supply of homes is considered a balanced market). The good news for Sellers here is that the supply of homes has decreased every month since it peaked in July and is at it's lowest point in twelve months.
Single family home closed sales actually increased from 492 in November 2011 to 523 in December. Closed sales increased from 505 in December 2010 to the 523 figure, a 3.56% increase.
Pending sales or homes under contract but not having closed escrow increased from 540 in December 2010 to 602 in December 2011 - a 11.48% increase. Number of new listings decreased 24.56% compared to last year.
On the other hand, both median and average home prices slipped to the lowest point since the first of the year. The average sales price of a home has fallen nearly $66,000 or 25.1% since it peaked in January 2007 at $261,699.
The average and median prices for single family homes saw declines compared to the corresponding values in 2010. The data are presented below.
Single family home, average price: $217,416 in December 2010 $195,861 in December 2011 an decrease of 9.91percent.
Single family, median price: $178,433 in December 2010 $160,000 in December 2011, a decrease of 10.33 percent.
Inventory of homes is down from last year. As of the December 2011 report, there were 3,780 single family homes on the market, a decrease of 21.16% from December 2010 when there were 4,794 homes for sale. As of today, February 7, 2012 there are 4,407 homes on the market in the general Albuquerque and Rio Rancho metropolitan areas - 3,755 detached and 415 attached plus 237 manufactured homes.
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 250-5779 or 379-3225 to get started!
ZIP Codes: 87109, 87122, 87111 Approximate Location Boundaries: North of Montgomery
Location Characteristics: Modern, affluent, newer neighborhoods in some of the most sought after areas of Albuquerque.
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
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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.
