Here is my Ventana Ranch (Area 120) Real Estate Report for February 2010. 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 border with Rio Rancho.
The graph represents a 5 year history of the total number of February closed sales. The total number of sales has continued to decrease each year in Ventana Ranch.
This graph represents a 5 year history of the average home sales price in the month of February. Average home prices continue their decline in Ventana Ranch.
The 5 year history of sales price to list price ratio shows that in spite of sales being slow that most homes are still selling within 2-3% below list price. In other words prices have decreased and low ball offers are not working any more than they did in 2006.
90 Day Forecast
Buyers are very active right now. Visits and property searched on my websites are up like it was springtime. Buyers who feel they almost missed their chance to get their $8,000 first time home buyer tax credit are determined to not let it happen again.
Let's not forget how strong sales were in September, October and November. Of course the forst tiem homebuyer tax credit was extended, but I believe sales will follow a similar pattern again in April, May and June when the current extension expires. Then activity may plummet.
Real estate is hyoer-local. 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.
Contact me if you'd like to receive a free market analysis for your current home.
Please call me on my cell at 505.803.5012 if you want to work with a Realtor who is familiar with Real Estate in Northwest Albuquerque and Rio Rancho.
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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.
