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.
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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.
Really good Stuff Rich. Keep up the good work.