Here’s my Albuquerque Foreclosure Report for December of 2010.
Foreclosures in Albuquerque
This graph illustrates the breakdown of December sales by type including regular sales, short sales and foreclosure sales.
This chart shows that distressed home sales, foreclosure homes and short sales, made up a sizeable portion of all Albuquerque real estate transactions. In fact, distressed home sales accounted for 30% of the closed sales in December.
Foreclosure Houses Have the Best Prices in Albuquerque
Foreclosure homes sold for a lower price than regular sales and short sales. Regular sales averaged $117 per square foot, short sale homes averaged $91 per square foot and foreclosure homes averaged $80 per square foot.
Foreclosure Homes Sell for Close to List Price
I understand the today’s buyers want to get great deals, but the truth is that lowball offers to not work. That’s because Albuquerque home prices have already come down off their peaks and foreclosure homes are already priced below fair market value. All three types of houses sold for very close to the list price:
Albuquerque foreclosure homes are a good way to get a good deal on a home, but if you really want to get the house you should resist writing lowball offers. They just don’t work.
Some neighborhoods have had more foreclosure activity than others. In general, the west side has been hit the hardest, view these monthly reports to learn more:
- Foreclosure Home Sales in Taylor Ranch
- Foreclosure Home Sales in Ventana Ranch
Check back in about a month for my next Albuquerque Foreclosure Report.
Click here to view Bank Foreclosed Homes in Albuquerque NM. Or, click here to search for Short Sale Houses in Albuquerque NM or Affordable Housing in Albuquerque NM.
Rich Cederberg, Albuquerque Realtor, RE/MAX Finest, (505) 792-2255