Rich Cederberg's Albuquerque Real Estate Blog

Here is my November 2009 Northwest Albuquerque Real Estate Report for area 121. Area 121 extends from Unser blvd east to Coors Blvd, Paseo del Norte north the Rio Rancho/Albuquerque Border and includes these neighborhoods: Stonebridge, Paradise Heights, Seven Bar, Paradise Meadows, Paradise Green, Crystal Ridge, Paradise Hills and Eagle Ridge plus others.

Area 121 Closed Sales

The graph represents a 5 year history of the total number of closed sales. As you can see in the graph, closed sales were up considerably this November. This is due, no doubt,  to the First Time Home Buyer Tax Credit.

However, the number of closed sales is still way off the peak number of sales in 2005.

This graph represents a 5 year history of the average home sales price. In spite of an increase in closed sales this year the average sales price has declined. I expect the average sales price will continue to decline slightly or remain flat.

90 Day Forecast

Buyers rushed to purchase homes in time to close by the original expiration of the First Time Home Buyer Tax Credit on November 30th. Even though the tax credit has now been extended I expect we will see a considerable drop off in December closed sales as the next wave of first time home buyers wait until after the first of the year to start looking to purchase.

I also expect to see an increase in housing inventory as some sellers list their homes for sale hoping to cash in on the $6,500 tax credit for repeat buyers.

It's important to understand local market conditions when you are looking to buy or sell. When you hear real estate news on the television remember that market conditions can vary greatly from state to state, city to city and neighborhood to neighborhood. 

Please call me on my cell at 505.750.1846 if you want to work with a Realtor who is familiar with Real Estate in Northwest Albuquerque and Rio Rancho.

NW Albuquerque Homes for Sale from $150,000 to $175,000
NW Albuquerque Homes for Sale from $175,000 to $200,000
NW Albuquerque Homes for Sale from $200,000 to $250,000
NW Albuquerque Homes for Sale from $250,000 to $300,000
NW Albuquerque Homes for Sale from $300,000 to $400,000

Here is my November NW Albuquerque Real Estate Report for Area 120. Area 120 encompasses Ventana Ranch,  Ventana Ranch West, La Scala, Vittoria, Rio Vista, Seville, Paradise Skies, Los Suenos, Sundance Estates and all other Albuquerque listings west of Unser Blvd, north of Paseo Del Norte and south of the Rio Rancho border.

Area 120 Closed Sales

The graph represents a 5 year history of the total number of closed sales. As you can see in the graph, closed sales were up considerably this November. This is due, no doubt,  to the First Time Home Buyer Tax Credit.

However, the number of closed sales is still way off the peak number of sales in 2005.

This graph represents a 5 year history of the average home sales price. In spite of an increase in closed sales this year the average sales price has remained virtually the same. I expect the average sales price will continue to remain flat.

90 Day Forecast

Buyers rushed to purchase homes in time to close by the original expiration of the First Time Home Buyer Tax Credit on November 30th. Even though the tax credit has now been extended I expect we will see a considerable drop off in December closed sales as the next wave of first time home buyers wait until after the first of the year to start looking to purchase.

I also expect to see an increase in housing inventory as some sellers list their homes for sale hoping to cash in on the $6,500 tax credit for repeat buyers.

It's important to understand local market conditions when you are looking to buy or sell. When you hear real estate news on the television remember that market conditions can vary greatly from state to state, city to city and neighborhood to neighborhood. 

Please call me on my cell at 505.750.1846 if you want to work with a Realtor who is familiar with Real Estate in Northwest Albuquerque and Rio Rancho.

NW Albuquerque Homes for Sale from $150,000 to $175,000
NW Albuquerque Homes for Sale from $175,000 to $200,000
NW Albuquerque Homes for Sale from $200,000 to $250,000
NW Albuquerque Homes for Sale from $250,000 to $300,000
NW Albuquerque Homes for Sale from $300,000 to $400,000

Here is my October 2009 Northwest Albuquerque Real Estate Report for area 121. Area 121 extends from Unser blvd east to Coors Blvd, Paseo del Norte north the Rio Rancho/Albuquerque Border and includes these neighborhoods: Stonebridge, Paradise Heights, Seven Bar, Paradise Meadows, Paradise Green, Crystal Ridge, Paradise Hills and Eagle Ridge plus others.

Area 121 Total Closed Sales

The graph represents a 5 year history of the total number of closed sales. 

There were 24 closed sales in October 2008 and 29 closed sales in October 2009, a 17% percent increase. 

                                                                                                                                                                                                                                                                                                                                                                                               Area 121 Average Sales Price            

The average sales price continues to decline.

The average sales price in October 2008 was 223,111 and in October 2009 was $204,458, an 8% decrease in average sales price.

Summary

In spite of a slight increase in closed sales in this part of Northwest Albuquerque, there was a slight increase in average sales price. View my latest Albuquerque Real Estate Report.

It's important to understand local market conditions when you are looking to buy or sell. When you examine real estate data remember that market conditions can vary greatly from state to state, city to city and neighborhood to neighborhood. 

Please call me on my cell at 505.750.1846, or at RE/MAX Elite at 505.798.1050 if you want a Realtor who is familiar with Real Estate in Northwest Albuquerque or Rio Rancho.

NW Albuquerque Homes for Sale from $150,000 to $175,000
NW Albuquerque Homes for Sale from $175,000 to $200,000
NW Albuquerque Homes for Sale from $200,000 to $250,000
NW Albuquerque Homes for Sale from $250,000 to $300,000
NW Albuquerque Homes for Sale from $300,000 to $400,000

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Here is my October 2009 Northwest Albuquerque Real Estate Report. This report is for Area 120, which encompasses Ventana Ranch, Ventana Ranch West, Cantabella at Ventana Ranch, La Scala, Vittoria, Rio Vista, Seville, Paradise Skies, Los Suenos, Sundance Estates and all other Albuquerque listings west of Unser Blvd, north of Paseo Del Norte and south of the Rio Rancho border. 

Area 120 Closed Sales

The graph shows a 5 year history of the number of closed sales in October. 

The number of October closed sales has been increasing since 2007. 

There were 40 sales in 2008 and 43 sales in 2009, a 7% increase in the total number of October closed sales.       

                                                                                                                                                                                                                                                                                                                                                                                               Area 120 Average Sales Price            

The average sales price has continued to decline since since it's peak in 2006.

The average sales price in October 2008 was $195,370.

The average sales price in October 2009 was $173,424, a decrease of  11%.

Summary

It's important to understand local market conditions when you are looking to buy or sell. When you examine real estate data remember that market conditions can vary greatly from state to state, city to city and neighborhood to neighborhood.

These are general numbers that show the overall condition of the current Northwest Albuquerque Real Estate Market. My purpose  of posting these numbers is to show the current trends, not to suggest a sales price for any particular home. 

To receive a complimentary market analysis for your property, email or call me with your home info including square feet, number of bedrooms and baths, etc, and I will get back to you with an approximate value.

Please call me on my cell at 505.750.1846 or at RE/MAX Elite at 505.798.1050 if you are looking for a Realtor who is familiar with Real Estate in Northwest Albuquerque or Rio Rancho.

NW Albuquerque Homes for Sale from $150,000 to $175,000
NW Albuquerque Homes for Sale from $175,000 to $200,000
NW Albuquerque Homes for Sale from $200,000 to $250,000
NW Albuquerque Homes for Sale from $250,000 to $300,000
NW Albuquerque Homes for Sale from $300,000 to $400,000

Is it  still a Buyers Market in Northwest Albuqeruque?

Yes and No.

They say that real estate is local. That means that homes for sale in Albuquerque can be selling at a faster or slower rate than they are in Atlanta or Appleton. That's why you have to be careful when you watch CBS Evening News or whatever your news program of choice is. When the national media says sales are up, they are looking at national numbers. Actual numbers in your local market can be quite different.

Not only do different markets across the country behave differently, so do different segments of the local market.

What do I mean by that?

Well let's examine five different price ranges (segments) in NW Albuquerque areas 120 and 121.

For each price range I have compared the number of homes "For Sale" on October 23 with the number of homes actually closed in September 2009. The ratio gives us the number of months of inventory.

The National Association of Realtors says that a 6 month home inventory is a balanced market. More than 6 months of inventory in a buyer's market, less that 6 months of inventory is a sellers market.

Relative to the other segments of the market, the $150,000 and under market has two months of inventory. According to NAR, that constitutes a sellers market. In a sellers market, there are too few homes to go around, so buyers compete for the available homes. Typically you will see shorter market times and sales prices closer to list price.

The $150,000 to $200,000 price range also qualifies as a buyer market. The segments of the market over $200,000 are buyers markets, meaning buyers can expect sellers to be more motivated and willing to deal.

The absorption rate is only one statistic that you should consider when you are pricing your home for sale. Also, there is no gaurantee the absorption rate indicates how fast or slow you home is going to sell.

If you think you deserve an Albuquerque Realtor who truly understands the market you should contact me. I'll be happy to explain the market to you so you can have realistic expectations when you put your home on the market.

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Have you been asking yourself "Is it a great time to make a lowball offer in Norhwest Albuquerque?"

It seems like everyone has a story-"My Uncle just bought a house for $40,000 under list price!"

And then the worst part---the follow up: "I expect to get that kind of deal too!"

Unfortunately for you buyers out there scenarios like this are like the fishing stories people tell; You know, "the fish I caught was this big!"

I was telling someone at an open house today that even though it is a buyers market, most houses are still selling for fairly close to list price. It's just the list prices that are coming down. Here is a look at the real numbers on sales price to list price in Northwest Albuquerque Area 120:

Hey, that looks like a wild deviation in the sales price to list price ratio, but really it's not. Here is another way of looking at it:

If you look carefully, there has not been a huge difference in the ratio. This means buyers are not getting $40,000 off the list price on average priced Homes in Northwest Albuquerque.

What it does mean is that buyers can expect to negotiate only 2 to 3% off the sales price on an average transaction.

That doesn't mean there aren't some great deals out there, because there are. But usually the savings comes in the form of a reduced-sometimes greatly reduced-list price.

Before you make an offer on a house, make sure your Albuquerque Realtor shows you how much comparable homes have been selling for in the neighborhood. 

Click here to search for Northwest Albuquerque Homes for Sale

Here is my first Northwest Albuquerque Real Estate Report for area 121. Area 121 extends from Unser blvd to the west. Paseo del Norte to the south, Coors Blvd to the east and the Rio Rancho/Albuquerque Border to the north.

Area 121 Total Closed Sales

The graph represents a 5 year history of the total number of closed sales. 

With one exception in 2008, the number of closed sales have continued to decline since the 2005 peak. 

There were 34 sales in 2008 and 19 sales in 2009, a 44% YTD decline in the total number of September closed sales.       

In 2005 there were 78 closed sales. 19 sales in 2009 indicate a whopping 75% reduction in the number of closed sales.

                                                                                                                                                                                                                                                                                                                                                                                               Area 121 Average Sales Price            

The graph illustrates incredible spike in the average sales price in 2006. Values declined in 2007 and 2008, but recovered some this September. 

The average sales price in September 2008 was $205,665.

The average sales price in September 2009 was $215,460, a modest increase of 4.5%.

Summary

In spite of the reduction in closed sales in this part of Northwest Albuquerque, there was a slight increase in average sales price. View my latest Albuquerque Real Estate Report.

Average sales prices were down in Albuquerque but up in area 120. Does this suggest the beginning of a recovery or is it just an anomaly?

It's important to understand local market conditions when you are looking to buy or sell. When you examine real estate data remember that market conditions can vary greatly from state to state, city to city and neighborhood to neighborhood. 

Please call me on my cell at 505.400.5994, or at RE/MAX Elite at 505.798.1050 if you want a Realtor who is familiar with Real Estate in Northwest Albuquerque or Rio Rancho.

Here is my first Northwest Albuquerque Real Estate Report. This report is for area 120, which encompasses Ventana Ranch, Ventana Ranch West, Seville, Paradise Skies, and all other Albuquerque listings west of Unser Blvd, north of Paseo Del Norte and south of the Rio rancho border. 

Area 120 Closed Sales

The graph shows a 5 year history of the number of closed sales. 

The number of closed sales have continued to decline since the 2005 peak. 

There were 53 sales in 2008 and 44 sales in 2009, a 17% decline in the total number of September closed sales.       

                                                                                                                                                                                                                                                                                                                                                                                               Area 120 Average Sales Price            

The average sales price has continued to decline since 2006.

The average sales price in September 2008 was $193,363.

The average sales price in September 2009 was $176,459, a decrease of 8.74%.

Summary

Although closed sales were down in this part of Northwest Albuquerque, closed sales were up in the Albuquerque Metro area in September (to see the details view my latest Albuquerque Real Estate Report).

I'm not sure why sales were up in the metro area and down in area 120. Perhaps it is because a larger than usual segment of the buyer's market has been first time homebuyers who have been buying in the more affordable areas of town as they try to cash in on the $8,000 first time homebuyers tax credit.

Average sales prices were down in Albuquerque and in area 120. I would expect average sales prices to continue to decline until housing inventory declines to a more normal amount and until the number of short sales and foreclosure properties decline. 

It's important to understand local market conditions when you are looking to buy or sell. When you examine real estate data remember that market conditions can vary greatly from state to state, city to city and neighborhood to neighborhood. 

Please call me on my cell at 505.400.5994 or at RE/MAX Elite at 505.798.1050 if you want a Realtor who is familiar with Real Estate in Northwest Albuquerque or Rio Rancho.