I’m proud to present my Rio Rancho Foreclosure and Short Sale Report for October 2011.
View Foreclosure MLS Listings or Short Sale MLS Listings
October Home Sales
34% of October closed sales in Rio Rancho were REO/Bank Owned/Foreclosure or short sales. There were twice as many foreclosure sales as there were short sales.
The graph below illustrates the ratio of short sales and foreclosure sales to regular sales.
Foreclosure Prices vs. Short Sale Prices
In October regular sales averaged $96 per square foot, short sales averaged $71 per square foot and foreclosure sales averaged $70 per square foot.
Sales Price to List Price Ratio
Short sales sold for the closest to list price, with regular sales coming in second place. Foreclosure sales came in third. It’s unusual to see REO’s selling for 5% less than list price.
Foreclosure Sales by MLS Map Area
The Majority of REO sales ocurred in MLS Areas 150 and 161. See Map of Rio Rancho MLS Areas.
Here’s a breakdown of October Foreclosure/REO sales by MLS area:
The October sales report for Rio Rancho showed a 33% year-to-date increase in closed sales while the average sales price fell 12%. 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.
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These statistics were compiled from Greater Albuquerque Association of REALTORS®data on 11/16/2011. Check our GAAR’s comprehensive market report here.