It’s the first of the month, so it’s time for my preliminary real estate report for the Albuquerque metro area.
Prelminary Stats are Subject to Change
Every month I add a disqualifier stating that these preliminary statistics are subject to change. You might ask, if the numbers are going to change, why do I even bother to publish them? Well, I do it because I like to stay as on top of the market as possible, and although the numbers will change, there’s usually enough data to predict how the final numbers will look.
By nature, closed home sales statistics report market conditions that are 30 to 60 days old already. The official numbers won’t be released until about the 10th, so adding another 10 days before the numbers are published means we’re looking at numbers that are up to 70 days old.
Why does it take so long for the official numbers to be released? Part of the problem is that real estate agents are slow to report closed sales on the MLS. Sometimes this is because of neglect – agents don’t report sales in a timely manner. In fact some agents routinely enter closing dates that are inaccurate so they have extra time to report their sales once they have closed.
Other times it’s because financed sales, which make up the majority of sales every month, that are scheduled to close on the last days of the month typically don’t get recorded in the system until one or two days after the closing date. The additional days are needed for the lenders to fund the transactions, the true closing date.
So here’s my disclaimer for this month:
“Not all sales have been reported, and the Greater Albuquerque Association of Realtors has yet to publish its monthly report. In the meantime please enjoy these preliminary stats. These stats are subject to change.”
(Updated 09/04/2013 at 8:27am)
Home Sales Stats Across the Metro
Albuquerque Home Sales up at least 4% in August (click to tweet)
645 closed sales have been reported so far for August 2013, up 4% from August 2012. A handful more sales will be reported today, Wednesday, so right now August looks like another good, solid month for home sales in Albuquerque, if not spectacular.
REO (foreclosure) sales increased 6% while short sales were down 24%.
In August 2012, 22% of the sales in Albuquerque were short sales or REOs. Of the sales reported so far, only 20% were short sales or REOs. That’s a slight but important improvement.
Rio Rancho Home Sales up 47% (click to tweet)
Rio Rancho sales were off the chart again, up a whopping 47% over last July. Last August there were 127 closed sales. So far 187 closed sales have been reported this August.
REO sales were up 22% while short sales were down 28%.
In August 2012, 36% of the home sales were short sales or REO’s. That improved to only 25% last month.
Sales in the Outlying Areas
Sales held steady in Corrales, increased in Placitas, and decreased in Los Lunas and the East Mountains.
Please check back for frequent updates over the next few days.
Thanks for reading my Albuquerque real estate market sneak peak for this month. Please check back again by the 5th of next month for a sneak peek of the Albuquerque real estate.
These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 09/04/2013. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.
If you appreciate the time it takes me to research and publish these reports won’t you please take a fraction of a second to hit the “like” or the “+1” button or maybe even Tweet it? Thank you.
by Rich Cederberg, Albuquerque Real Estate Agent, (505) 803-5012.