As of today, February 1, 2012 Realty Times reports that the national interest rate average for a 30 year fixed rate loan is 3.98% compared to 3.95% last month. During January, 60 homes closed in Rio Rancho compared to 68 that closed during the same period in 2011. At the end of January there were 643 homes on the market compared to 901 at the same time last year. The homes currently on the market have been on the market 125 days on average compared to 120 days at the same time last year. The number of homes in pending status is 153 compared to 159 at the same time last year.
To best understand what is going on in the Rio Rancho market you need to consider the trend over the past few years. That information, displayed below includes: year; homes sold; ave. sales price; sales price per square foot; and days on the market.
As of close of business on January 31st, 643 Rio Rancho homes averaging 2085 square feet in size were on the market at an average list price of $216,164 and a median price of $184,500. The average per square foot asking price is $104. The average days on the market is 125. Additionally, 153 homes are in pending status meaning they have sold but not closed. These homes averaged 1988 square feet in size and were listed at an average price of $182,262 and a median price of $160,000. The average per square foot price was $92. Average days on the market was 81. During the month, 60 homes averaging 2021 square feet in size closed in Rio Rancho at an average price of $177,736 and a median price of $163,250. The average days on the market was 107 and the average per square foot price was $88. To best understand the current market in Rio Rancho these numbers need to be compared to last year's and previous years as shown earlier.
As my report shows the market continues to change. The continuing 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. However, 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 this area. Please contact us by phone (505-922-0622) or email (landjsalas@msn.com) if you are interested selling or buying in Rio Rancho or elsewhere in the region or just in knowing the market conditions in a particular area of town or subdivision.
ZIP Codes: 87124, 87144 Location Characteristics: Rio Rancho is one of New Mexico's newest communities, incorporated as a City in 1981 with 10,131 residents.The population of the city has continued to grow to an estimated 71,607 in 2006, making Rio Rancho New Mexico's third largest city and one of the fastest-growing small cities in the United States. In 1989, Rio Rancho was recognized by American Demographics magazine as the fastest growing city in the United States. If the current pace of growth continues at an annual 3.5% growth rate, Rio Rancho is anticipated to double its current population in twenty years, and have 100,000 residents by 2020. Rio Rancho has also made exceptional strides toward becoming a self-sufficient community by playing a leading role in the creation of economic-based jobs within the greater Albuquerque metropolitan area. Manufacturing accounts for more than 35% of all jobs with a total of approximately 6,000 jobs. The Intel Corporation, as the world's largest single producer of computer chips, has had a significant positive economic impact on the community since 1980. While in 1997 and 1998, the city added about 4,500 jobs associated with the "call center" industry. Wholesale and retail trade employment accounts for approximately 23% of the employment distribution, up from 14% in 1982. As the city continues to grow, diversification of the economy becomes more important in the creation of a stable business development climate. By 2000, employment in the city had increased to over 19,000 jobs, over 10,000 of which were in the economic base category
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.
