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 last month's 5.03%. During the first eleven months of 2009 fifty-seven homes closed in High Desert compared to forty nine that closed during the same period in 2008. At close of business on Nov. 30th there were 55 homes on the market compared to 58 on the market at the same time in 2008, and 61 on the market at the end of last month. The current homes have been on the market an average of 187 days compared to 130 days last year. The number of homes sold in High Desert has surpassed those sold at the same time last year so only slower sales and lower average sales prices continue to present concerns.
To best understand what is happening in High Desert you need to consider the trend over the past few years. In 2003, 83 homes sold at an average price of $405,215 ($154 psf ). In 2004, 84 homes sold at an average of $486,185. ($172 psf). One hundred homes closed in 2005 at an average sales price of $552,595 or $200 a square foot. During 2006, seventy seven homes sold at an average price of $551,401 and an average per square foot price of $222. For 2007, ninety (90) homes closed in High Desert at an average sold price of $596,595 ($228 psf) and an average days on market of 53. During 2008 fifty four homes closed in High Desert for an average price of $530,765 ($217 psf). The average days on the market was 76.
As of close of business on Nov. 30th there were 55 homes on the market at an average asking price of $900,418 and a median price of $719,000. The average per square foot asking price is $252. This includes seventeen homes priced between $1,000,000 and $2,800,000. The average days on market is 187. additionally, 9 homes are in pending status, meaning they have sold but not closed. These homes were on the market at an average of $487,100 and a per square foot price of $189. These homes were on the market an average of 56 days. During the first eleven months of 2009, 57 homes closed in High Desert. These homes sold for an average price of $504,140 and a median price of $450,000. The average days on the market was 102 and the average per square foot price was $198.
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 probably 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 selling or buying in High Desert or elsewhere in the region or just in knowing the market conditions in a particular area of town, perhaps your own subdivision.
ZIP Code: 87111 Approximate Location Boundaries: East of Tramway Blvd, between Simms Park Rd and Bear Canyon Open Space
Location Characteristics: High Desert is one of Albuquerque's finest planned communities and is located in Albuquerque's far northeast quadrant in the foothills of the Sandia Mountains. High Desert occupies about 1000 acres of land and the various subdivisions and homes there have been designed and built by over twenty two of the very best of the custom builders. High Desert is found at an elevation just over 6,000 feet. It offers parks and miles of bicycle and walking trails as well as an abundance of indigenous flora and fauna. Because of this High Desert is one of the first places we show clients who are moving to Albuquerque from out of the area and many of them choose to buy here when they see the quality of the homes and the beauty of the area. High Desert offers some of the nicest homes in Albuquerque but also some of its most expensive.
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.
