Preliminary real estate stats for the month of January 2013 reinforce what most Albuquerque real estate agents already know: the Albuquerque real estate market is in recovery. While the official real estate stats have not been officially tallied and released by the board of Realtors, I’ve dug up some numbers of my own (like I always do), and what I’m seeing so far for the month of January is pretty darn exciting!
So let’s get on with the good news.
Albuquerque Metro Home Sales Stats
365 home sales have been reported in Albuquerque so far, up from 332 from last January. That represents at least a 11% increase, and that’s before all sales have been reported. REO sales are down and short sales are down too. These are all good signs, signs of a market that is pulling itself up by its bootstraps.
Rio Rancho Sales Improved
94 Rio Rancho home sales have been reported so far, up from 68 last January. Even if no additional sales are reported in Rio Rancho, this will represent a 41% increase in home sales.
Distressed sales (Bank owned, REO’s or foreclosures plus short sales) are up too, increasing from 34% to 45% of the total closed sales. The percentage of REO sales have increased considerably, but the percentage of short sales have decreased slightly.
Other Areas Around the Albuquerque Metro
The news is good for home owners in the East Mountains and Placitas where home sales were up. Home sales held steady in Corrales and Los Lunas.
The only real question I have about the January real estate market has to do with home prices. Will prices be up over last year?
At some point, the increase in home sales we’ve seen for 19 months will cause home prices to appreciate consistently and we will stop the up one month, down another pattern that we’ve been seeing. It should be happening really soon.
Check back in about a week for a breakdown of the official January 2013 report from the Greater Albuquerque Association of Realtors.
If you appreciate the time it takes me to research and publish these reports won’t you please take a fraction of a second to hit the “like” or the “+1” button? My post will not be autopmatically shared to your wall. Of course if you want to share it then please do!
by Rich Cederberg, Albuquerque Real Estate Agent, (505) 803-5012.
These Albuquerque real estate statistics were provided by the Greater Albuquerque Association of REALTORS®data on 02/04/2013. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included.