I’m proud to present my Albuquerque Foreclosure and Short Sale Report for October 2011.
View Foreclosure MLS Listings or Short Sale MLS Listings
October Home Sales
28.5% of October closed sales were REO/Bank Owned/Foreclosure or short sales, with short sales almost equaling foreclosure sales for the first time in recent memory.
The graph below illustrates the ratio of short sales and foreclosure sales to regular sales.
In October regular sales averaged $115 per square foot, short sales averaged $86 per square foot and foreclosure sales averaged $71 per square foot.
REO sales sold for the closest to list price, with regular sales coming in second place. Short sales came in third place with buyers being to negotiate close to 5% off of the list price.
Foreclosure Sales by MLS Map Area
As usual, the majority of foreclosure sales were on the west side. MLS Areas 92 (Southwest Heights), 110 (Northwest Heights), 111 (Ladera Heights), 120 (Ventana Ranch) and 121 (Cottonwood Mall) continue to lead the way with MLS Area 92 having nearly twice the bank owned sales of the other leading areas.
Here’s a breakdown of October Foreclosure/REO sales by MLS area:
The October sales report for Albuquerque showed a 27% year-to-date increase in closed sales while the average sales price fell 14%. I expect to see more of this in upcoming months as buyers looking to cash in on great prices and incredibly low interest rates negotiate aggressively.
Foreclosure activity is expected to increase into 2012; in fact an article by RealtyTrac labels Albuquerque as the #1 new-wave foreclosure market.
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These statistics were compiled from Greater Albuquerque Association of REALTORS®data on 11/15/2011. Check our GAAR’s comprehensive market report here.