Mixed news again for real estate in the Albuquerque metro area. While sales look to have been very strong for Rio Rancho, at least as of yet, they appear to be almost equally disappointing for the city of Albuquerque.
These are preliminary stats based on the MLS sales that have been reported so far, as of 9:54am on January 7th 2014. Some sales may not have been reported yet due to the New Years Holiday.
One other thing I want to make clear: the numbers you often here reported in the news media are usually for the metro area as a whole. My reports break down sales by city.
Closed Home Sales by City
Homes Sales in Albuquerque
So far 478 home sales have been reported in December 2013, down from 507 closed sales in 2012. That’s a 6% decrease in sales. REO sales (foreclosures), which made up 15% of closed sales in 2012, made up 16% of sales in 2013.
Search Foreclosed homes for sale.
Short sales, however, were reduced by almost half. Short sales made up 12% of the market in 2012 but only accounted for 6% of sales in 2013.
House Sales in Rio Rancho
REO sales stayed about the same. 19% of the sales were REO’s, down from 21% last year.
Short sales decreased from 17% last year to 6% this year.
Rio Rancho has done quite well over the second half of 2013. Forclosures are still making up too large a portion of the market, but hopefully many of them will be moved in 2014 so prices can start to go back up.
Sales in the Outlying Areas
Closed sales increased in Corrales, Placitas, Los Lunas and the east mountain area.
The Albuquerque real estate market definitely has cooled off a bit, but it’s great to see the other areas of the metro doing well, especially Rio Rancho which until earlier this year had been lagging considerably behind Albuquerque in the housing recovery.
Also, of special note is the decline in short sales in both Albuquerque and Rio Rancho. While I anticipate it will take some time yet to work through the shadow inventory of bank owned (foreclosure) homes, I do expect the decrease in short sales to continue as we distance ourselves from the peak pricing of the real estate market in 2007.
What does this mean if you’re thinking about selling your home in the metro area? While it’s good to recognize market trends, it’s too early to say the Albuquerque market is levelling off. The last months of reduced sales numbers in ABQ could be a fluke. The trend for Rio Rancho is more profound. If you’ve got a Rio Rancho house to sell this may be a very good time to do so.
Outlook for 2014
The outlook for 2014 still looks very good. My only concerns are that interest rates will continue to rise and that homeowners, having heard that the market has been improving, will list their homes for sale this spring and create higher home inventory levels.
Only time will tell for sure. In the meantime please check back here and I will keep you updated on what I see.
Thanks for reading my Albuquerque real estate market sneak peak for this month. Remember to check back, I will be updating the numbers as they roll in over the next few days.
January is going to be a busy month here on AlbuquerqueRealEstateBuzz, Albuquerque’s leading real estate blog. In addition to a renewed focus on providing real estate stats for neighborhoods and my opinion on all things real estate, I’ll be continuing to publish 2013 annual reports for select neighborhoods. If you haven’t doe so already, check out my there two recent posts
These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 01/03/2014. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.
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