Here's my Albuquerque Real Estate Report for September 2009.
There is some good news to report this month! Closed sales in the Greater Albuquerque Metropolitan area were up 9.44%.
Pending Sales were also up 31% in September which bodes well for October Closings.
Active Listings
The number of Detached homes for sale in September 2009 has decreased 17% since September 2008.
The number of Townhomes and Condos for sale has also decreased by 11%.
The decrease in inventory is a result of fewer new listings hitting the market combined with an increase in closed sales.
New Listings
The number of detached homes listed in September was down 8% year to date.
The number of attached homes listed in September was up 16% year to date.
New listings of single family homes continue their decline as sellers who have the option of moving or not are choosing to sit tight. The number of attached homes-townhomes amd condos-continues to increase.
Pending Sales
The number of pending sales increased 31%, a dramatic increase in the number of houses under contract but not yet closed.
This is the second straight month the market has experinced a large increase in pending sales.
Closed Sales
Closed sales were up 9% year to date!
This is the second increase we've seen in the number of closed sales in a year. July 2009 also showed an increase of 4%. August closings were down 3%.
I expect to see a continued increase in closings continuing into October and November as first time homebuyers take advantage of the $8,000 tax credit.
The Albuquerque Real Estate Market continues to be strong when compared to other cities in the U.S.
As the end to the $8,000 first time homebuyers tax credit nears expiration, I expect to see an increase in sales until December 1st. Expiration of the tax credit could have a dramatic effect on the market, and could lead to a very slow winter. There has been at least one bill introduced in congress to extend and possibly expand the first time homebuyer tax credit, but nothing is certain yet.
Albuquerque Real Estate Report for August 2009
Albuquerque Real Estate Report for July 2009
Albuquerque Real Estate Report for June 2009
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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.
As the report shows, our market is stable!! We are definately very fortunate to be in Albuquerque and Rio Rancho!
www.findyourcasa.com
Hi Val! Thanks for stopping by.
Yes, we are lucky indeed!
Will I see you at the Dave Liniger event on November 1oth?