This is the fourth and final post in my series of posts examining home sales totals in 2013 by zip code by looking at zip codes with the most short sales and foreclosures in Albuquerque.
Short sales and foreclosures have made up a large part of the real estate market over the last five years. No area of the city has been spared, although certain areas have beem hit harder than others.
Why is it important to understand which zip codes had the most short sales and foreclosures? If you’re thinking of selling a home in 2014, you should understand the competition. If you’re a home buyer, you’ll probably want to know what parts of the cities have the hottest deals on homes.
That being said, here are the-
Zip Codes with the Most Short Sales and Foreclosures in Albuquerque
- 87121 was the Albuquerque zip code with the most short sales and foreclosures in 2013. A whopping 51% of closed home sales were distressed properties. Not conicidentally, 87121 is the zip code where the largest number of new homes have been built over the last ten years. Also, there are home builders still selling new homes which only adds to the problem. See homes for sale in the 87121 zip code.
- 87105 comes in second. 41% of the home sales in this zip code were short sales or foreclosures. 87105 is the south valley area of Albuquerque.
- 25% of the home sales in 87114 were distressed properties. The hardest hit area was Ventana Ranch, an area of relatively newer homes that experienced high turnover at the peak of the market in 2006-2007. DR Horton and Pulte Homes are actively building in the area, and it’s hard for regular home sellers to compete with the builder paid closing costs and perfectly staged model homes. See homes for sale in the 87114 zip code.
- 87102 comes in a close fourth with 23%. 87102 covers the downtown area between I25 and the river along Broadway Blvd.
- 87120 comes in a very close fifth with 22%. 87120 includes older neighborhoods like Taylor Ranch and Ladera Heights plus newer areas like Stormcloud and The Petroglyphs. See homes for sale in the 87120 zip code.
Foreclosures outnumbered short sales about 2 to 1 in all the zip codes mentioned above. More about foreclosure and short sale numbers coming this month. Please check back.
by Albuquerque real estate agent Rich Cederberg, eXp Realty (505) 803-5012.
Did you see the other posts in this series? Here they are:
- Most Affordable Zip Codes in Albuquerque
- Top Selling Zip Codes in Albuquerque
- Most Expensive Zip Codes in Albuquerque
Please check back soon for my East Mountain real estate report for 2013.
These real estate statistics were compiled from the Greater Albuquerque Association of REALTORS® data on 01/04/2013. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.
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