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No really folks it isn't really all that bad here in Albuquerque yet. Although pending home sales are down 7.2% from last month the actual median home price has risen by 5.7% from last month in Albuquerque and a whopping 25.1 in Rio Rancho from last year!
Inventory is shrinking, in Febuary 2008 there were 5,591 homes on the market compared to 5,373 in February 2009 The total number of new listings that entered the market was 1,272 as compared to January 2009 of 1,615 or down 14.2%
The total number of closed sales this month was 343 (greater Albuquerque area all price ranges) as compared to last month January 2009 324 was up 5.9%
The average selling time for a home in Albuquerque is currently at 96 days based on the average home price of $209,515.
So although we are not a frenzied pace of home sales like we were in August of 2007 neither is the rest of the country; considering the changes to the subprime mortgage and mortgage markets and the health of our overall banking institutions and mortgage lenders. Comparisons can be made to the stock market, while banking,financial amd automotive stocks have suffered during this economic downturn other companies like Gold and Copper Mining, Green/Solar companies have done well.
Our overall local economy is doing well, thanks in part to our Govenor Bill Richardson and local Mayors Marty Chavez of Albuquerque and Rio Rancho's Thomas Swisstack who have provided industries economic inscentives to relocate here.
Remember if you are thinking about buying or selling your home, we are here when you need us!
*Information and statistical information provided by Greater Albuquerque Board of Realtors Southwest MLS Sales Data deemed reliable but not guaranteed.©
Article written by:
William Staab
Coldwell Banker Legacy
(505)898-2700
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