I’m proud to present my Rio Rancho Foreclosure and Short Sale Report for December 2011.
December Home Sales
38% of December closed sales in Rio Rancho were REO/Bank Owned/Foreclosure or short sales. Short sales outnumbered foreclosure sales.
The graph below illustrates the ratio of short sales and foreclosure sales to regular sales.
Foreclosure Prices vs. Short Sale Prices
December regular sales averaged $95 per square foot, short sales averaged $69 per square foot and foreclosure sales averaged $73 per square foot.
Sales Price to List Price Ratio
Regular sales and short sales sold for about 4.5% below list price, REO or bank owned home sales sold for 7.5% below list price.
Foreclosure Sales by MLS Map Area
The highest number of Foreclosure sales occurred in MLS Areas 150 and 161. See Map of Rio Rancho MLS Areas.
Here’s a breakdown of November Foreclosure/REO sales by MLS area:
Distressed sales are holding steady. There has been shift in the market over the last several months with short sales outnumbering REO or foreclosure sales. Short sales are also starting to sell for less than REO’s.
Expect to see more foreclosure homes coming on the market this year.
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These statistics were compiled from Greater Albuquerque Association of REALTORS®data on 01/18/2012. Check our GAAR’s comprehensive market report here.