Do you want to search for Rio Rancho NM Homes for Sale?
If you are considering buying a Rio Rancho Home you need to understand current Rio Rancho 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 Rio Rancho Real Estate Reports.
November was another good month for the Rio Rancho Real Estate Market.
This graph illustrates that the number of closed sales for detached homes in November 2009 (114) were a significant increase over the number of closed sales in November 2008 (74). This is a 54% increase. November 2009 sales were the strongest since 2006.
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.
The average sales price declined from $201,630 to $190,612, a 5% decrease.
In November we had another YTD increase in the number of closed sales, yet the average sales price continued to decline. I think we will continue to see prices lag behind sales for quite some time. It may take several more years for prices to recover.
With a large tax incentive in place stimulating the number of sales and the avergae sale prices still declining it's premature to suggest the housing market is recovering. I would say instead that the housing market in Rio Rancho 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.
