January is typically a slow month for home sales in Albuquerque. From where I sit, however, the month felt very busy. This doesn’t always translate into impressive looking sales numbers because the average real estate transaction takes 30 to 45 days to close. Therefore, the numbers in this report more accurately report market activity for December. Keep in mind as you read this that December is typically one of the slowest months of the year.
These are preliminary stats based on the MLS sales that have been reported so far, as of 8:04pm on February 3rd 2014. Some sales may not have been reported yet.
Special note: the numbers reported in the news media are usually for the metro area as a whole. This reports break down sales by city, and therefore presents less generalized and more accurate numbers.
Closed Home Sales by City
Homes Sales in Albuquerque
So far 378 home sales have been reported in January 2014, up slightly from 374 closed sales in 2013. REO sales (foreclosures), which made up 21% of closed sales in 2013, made up only 18% of sales in 2014. That’s a 3% reduction in closed foreclosures. I don’t expect that number to adjust much as the last few sales are reported.
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The number of short sales also declined. While short sales made up 10% of the market in 2013, they accounted for only 7% of sales in 2014. Fair market sales were up 5%.
House Sales in Rio Rancho
108 home sales have been reported in January 2014, up from 99 sales in January 2013. That’s a 8% increase in the total number of sales.
REO sales decreased by about 6%. 26% of the sales were REO’s, down from 32% last year.
Short sales decreased by 50%. 6% of the sales were short sales, down from 14% last year.
Fair market sales increased from 54% to 68%.
Sales in the Outlying Areas
Closed sales increased in Corrales and Los Lunas. The number of home sales in the east mountains and Placitas appear to be about the same as they were last year.
Once all the Albuquerque sales have been reported, I expect we’ll see that January 2014 was comparable to January 2013 in total number of sales. The good news is that the percentage of short sales and foreclosures continue to be on the decline. These are important numbers to watch as the local real estate market continues to recover.
Rio Rancho appears to have had yet another good month. That’s several months in a row now. Short sales and foreclosures were also down sizeably in Rio Rancho, which is great news.
These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 02/02/2014. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.
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