January 2014 Home Sales Sneak Peek

January is typically a slow month for home sales in Albuquerque.  From where I sit, however, the month felt very busy. This doesn’t always translate into impressive looking sales numbers because the average real estate transaction takes 30 to 45 days to close. Therefore, the numbers in this report more accurately report market activity for December. Keep in mind as you read this that December  is typically one of the slowest months of the year.

These are preliminary stats based on the MLS sales that have been reported so far, as of 8:04pm on February 3rd 2014. Some sales may not have been reported yet.

Special note: the numbers reported in the news media are usually for the metro area as a whole. This reports break down sales by city, and therefore presents less generalized and more accurate numbers.

Closed Home Sales by City

Homes Sales in Albuquerque

So far 378 home sales have been reported in Albuquerque real estate statsJanuary 2014, up slightly from 374 closed sales in 2013.  REO sales (foreclosures), which made up 21% of closed sales in 2013, made up only 18% of sales in 2014. That’s a 3% reduction in closed foreclosures. I don’t expect that number to adjust much as the last few sales are reported.

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The number of short sales also declined. While short sales made up 10% of the market in 2013, they accounted for only 7% of sales in 2014. Fair market sales were up 5%.

House Sales in Rio Rancho

108 home sales have been reported in January 2014, up from 99 sales in January 2013. That’s a 8% increase in the total number of sales.

REO sales decreased by about 6%. 26% of the sales were REO’s, down from 32% last year.

Short sales decreased by 50%.  6% of the sales were short sales, down from 14% last year.

Fair market sales increased from 54% to 68%.

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Sales in the Outlying Areas

Closed sales increased in Corrales and Los Lunas. The number of home sales in the east mountains and Placitas appear to be about the same as they were last year.

Summary

Once all the Albuquerque sales have been reported, I expect we’ll see that January 2014 was comparable to January 2013 in total number of sales.  The good news is that the percentage of short sales and foreclosures continue to be on the decline. These are important numbers to watch as the local real estate market continues to recover.

Rio Rancho appears to have had yet another good month. That’s several months in a row now. Short sales and foreclosures were also down sizeably in Rio Rancho, which is great news.

These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 02/02/2014. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.

If you appreciate the time it takes me to research and publish these reports won’t you please take a fraction of a second to hit the “like” or the “+1″ button?  My post will not be automatically shared to your wall. Of course if you want to share it then please do! Please feel free to share and Tweet as well! Thank you.

Rich Cederberg, Albuquerque Real Estate Agent

(505) 803-5012

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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.

Comments

  1. I think January is usually a slow month for many real estate agencies actually. Good to know the start of the year was good for you! Albuquerque seems to have quite a lot of great houses.

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

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