Here’s my Albuquerque Foreclosure Report for March of 2010.
Foreclosures in Albuquerque
This graph illustrates the breakdown of March 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 home sales. In fact, distressed home sales accounted for 37% of the closed sales in March, up 4% from February.
Foreclosure Houses Have the Best Prices in Albuquerque
Foreclosure homes sold for a lower price than regular sales and short sales. Regular sales averaged $114 per square foot, short sale homes averaged $84 per square foot and foreclosure homes averaged $75 per square foot. All three stats are down slightly from last month.
Today’s buyers want to get great deals, but the truth is that low ball offers not work. That’s because Albuquerque home prices have already come down considerably 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:
Some neighborhoods have had more foreclosure activity than others. In general, the west side has been hit the hardest. Here’s a breakdown of foreclosure sales by MLS Area:
The number of foreclosure sales and short sales continues to increase. The likelyhood of the Albuquerque real estate market showing any recovery in pricing remains slim to none until the foreclosure inventory is liquidated. Until then, buyers should be able to continue purchasing Albuquerque Homes at reduced prices.
Please check back in about a month for my next Albuquerque Foreclosure Report.
Read more about Foreclosure and Short Sale activity in Northwest Albuquerque:
- Foreclosure and Short Sales in Taylor Ranch
- Foreclosures and Short Sales in Ventana Ranch
View my listings:
Lovely View Property In Corrales
Turnkey Townhome near Tanoan
ABQ Uptown Condo
Coming Soon: Beautiful Ridgecrest House with Swimming Pool
This report relies on data provided on April 17,2011 by the Greater Albuquerque Association of Realtors and the Southwest Multiple Listing Service and is deemed reliable but not guaranteed