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If you are considering buying an Albuquerque Home you need to understand current Albuquerque Real Estate Market trends to make sure you don't overpay for your new home. To help you understand what the real estate market is doing I publish monthly Albuquerque Real Estate Reports.
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November was another good month for the Albuquerque Real Estate Market.
This graph illustrates that the number of closed sales in November 2009 (518) were a significant increase over the number of closed sales in November 2008 (342). This is a 51% increase. November 2009 sales were the strongest since 2006.
In fact, this is the fourth consecutive month when the number of closed sales increased over the same month in 2008.
The drastic increase in November closed sales is most likely due to the rush of first time home buyers who were trying to close before November 30 so they could qualify for the $8,000 tax credit.
At $210,044 the average sales price stayed virtually the same as last month (Average sales price in October was $210,137),
In November we had another YTD increase in the number of closed sales, yet the average sales price remains flat. The increase in sales over last year is a result of the first time home buyer tax credit. With a large tax incentive in place I think it is premature to suggest the housing market is recovering. I would say instead that the housing market in Albuqeruqe is reacting to the first time home buyer tax credit.
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Albuquerque Realtor Rich Cederberg works for RE/MAX Finest in Albuquerque New Mexico. Previously Rich worked for RE/MAX Elite and the Vaughn Company Realtors for 5 years. He specializes in Albuquerque Real Estate, Northwest Albuquerque Real Estate, Rio Rancho Real Estate and Los Lunas Real Estate. He especially enjoys working with First Time Home Buyers. Call 505.803.5012 or email Rich Cederberg if you need a Albuquerque REMAX agent.
