Corrales Real Estate Update

It’s been quite some time since I posted home sales information for Corrales NM, so I thought it would be interesting to look at one year of sales data. Although home sales have been up and prices appear to be improving across the Albuquerque Metro, as I was pulling these stats I was curious to see if there would be enough Corrales data to indicate any strong trends.

View Corrales NM Homes for Sale

One note – these charts actually show 13 months of data. Displaying 13 months of data allows you to compare August 2013 with August 2012. This is important since real estate sales tend to run in a yearly cycles.

This report includes detached, sinlge family home sales only.

Closed Sales

Active, Pending and Closed

As you can clearly see, the number of homes for sale has been growing during 2013. Pending sales have been on the rise over the last 6 months with only one dip in May. Closed sales have increased slightly over the last 6 months.

Price Per Square Foot

Price Per Square Foot

The average price per square foot shows no real pattern over the last year. If anything, despite some ups and downs earlier in the year, the average price per square foot looks to be the same in August 2013 as it was in August 2012.

Sales Price Vs List Price

Sales Price ve List Price
Interestingly, list prices and sales prices appear to be converging. Perhaps more realistic expectations of home sellers have led to more realistic pricing?

Days on Market

Days on Market
Surprisingly, the days on market stat has grown through the second half of 2013.

Months of Home Inventory

Months of Home Inventory
The ‘months of home inventory‘ stat continues to be very high. There is still a dramatic oversupply of homes for sale in Corrales.

Summary

The promise shown by the improvement in the number of home sales and the apparent upward trend in the average sales price is offset by the increasing home inventory and considerable increase in days on the market. These mixed signals make it hard to draw too many conclusions about the direction of the Corrales real estate market, but an oversupply of home inventory rarely precedes improvement in home values. Yet prices appear to be up.

Perhaps this is a result of increased consumer confidence? Or perhaps the numbers are skewed by a handful of high priced sales?

If you’re a Corrales home owner, to truly understand what your home is worth you’ll need to have a market analysis completed for your individual property. Please let me know if I can help.

by Albuquerque real estate agent Rich Cederberg, (505) 803-5012.

These Albuquerque real estate statistics were compiled from the Greater Albuquerque Association of REALTORS®data on 09/19/2013. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.

 

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About 

Albuquerque real estate agent Rich Cederberg sells Albuquerque homes for sale including single family homes, townhomes and condos in the Albuquerque Metro Area for eXp Realty. Call him at (505) 803-5012.

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All content by Albuquerque Real Estate Agent Rich Cederberg, 505.803.5012, unless otherwise noted. eXp Realty, (505) 750-1846.

Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commerical use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.

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