The November real estate stats were strong once again as overall market conditions continued to strengthen across the area. Sales were up in number in both Albquerque and Rio Rancho while home values were up in Albuquerque, they were down in Rio Rancho.
Due to the cyclical nature of real estate, this report compares sales stats year over year, not month over month. These are not the official numbers from the board of Realtors, although the information in this report does come from the Southwest MLS.
Albuquerque Home Sales
Homes sales were up about 5% in November. 420 detached home sales were reported, up from 401 in November 2014. Pending home sales were up nearly 6%, leading to a decline of available homes by 16%.
REO sales (foreclosed homes) increased about 1%, moving from 9% of the market in last November to 10% this November. Short sales continued their decline, moving from about 5% of the closed sales to 4%.
The average sales price held steady, while the median sales price was up 7%.
Rio Rancho Home Sales
Home sales were strong in Rio Rancho too, up 21%. 118 closed home sales were reported, up from 106 closed sales this month last year. Pending sales were up 6%; available homes were down by 26%.
REO (foreclosure) sales made up 19% of closed sales both this November and last November. Short sales, however, doubled, moving from 4% of the market last year to 8% this year.
The average sales price decreased 9.5% and the median sales price decreased about 6%.
The direction of the market remains clear: increased sales and declining home inventory will to lead to further gains in home values. Home shoppers will become increasingly challenged to find homes to buy with few homes to choose from, especially in the lower price ranges and more popular areas.
by Albuquerque Realtor Rich Cederberg, eXp Realty (505) 803-5012. These are preliminary stats based on the MLS sales that have been reported so far, as of November 22nd, 2015. A small handful of lingering sales may still 0be reported.
Special note: the numbers reported in the news media are usually for the metro area as a whole. My monthly reports break down the sales by city. Indeed, the Albuquerque and Rio Rancho real estate markets frequently behave differently.
These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 12/23/2015. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included. To read the entire report go here.