Rio Rancho Housing Market Sales Decline By 19% in July 2014
What the heck is going on in the Rio Rancho housing market? The number of Rio Rancho homes sold in July 2014 declined by 19.66% compared to July 2013. That is a huge decline in year over year statistics. The number of Rio Rancho homes sold in July 2014 declined to 143 homes compared to 178 homes in July 2013. By comparison the number of homes sold in Albuquerque declined by 11.99% for the same period.
What is more amazing is that the median price for homes in the Rio Rancho housing market increased by 16.58% in July 2014 compared to July 2013. The median price in the Rio Rancho housing market stands at $175,000.
The average price for a home in the Rio Rancho housing market increased by 7.57% to $191,803 in July 2014 compared to July 2013. The average home price in the Rio Rancho NM housing market was $178,300 in July 2013.
The inventory of Rio Rancho homes for sale increased to 804 homes in July 2014, an increase of 15.68% over July 2013. The number of new listings increased by 7.46% to 288 in July of 2014 compared to July 2013.
It is interesting to see the home prices in Rio Rancho increasing, while the number of buyers for Rio Rancho homes is decreasing, and the inventory of homes for sale in Rio Rancho is increasing. Simple economics and the law of supply and demand tell us home prices should be declining. What should all this conflicting information tell us about the Rio Rancho housing market. First it is important to understand we are looking at data from one month, and anything can happen in a one month report.
There are clearly two trends for 2014 in the Rio Rancho housing market, the are fewer buyers and there are more sellers of Rio Rancho homes. The prices for houses for sale in Rio Rancho will be under pressure and will most likely decline in the long term if this trends continues.
It is clearly a buyers market in Rio Rancho and this means buyers that are patient can find some great deals in the Rio Rancho housing market. If you are considering selling a home in the Rio Rancho housing market, it is critical to get your house priced correctly to sell in a timely manner.
We understand the Rio Rancho housing market and can help you buy or sell homes in Rio Rancho.
Myers & Myers – Rio Rancho Real Estate Specialists – Call Today! (505) 401-7500
For buyers, our foremost goal is to provide you with exceptional customer service and assist you in finding the right home in the right neighborhood. Our goals are to help you purchase the right home, make sure you don’t miss out on any homes that meet your needs, and make sure you don’t pay too much for your next home. Please utilize our Rio Ranco real estate expertise to make your home search and buying experience as stress free and rewarding as possible.
If you considering selling your Rio Rancho home, we utilize the latest, cutting-edge, real estate marketing tools to expose your property to the widest range of potential buyers. We are here to get your Rio Rancho home for sale aggressively marketed to sell as quickly as possible and for the best price! Our goals are to help you get your home sold and get you where you want to go on time, put you in the strongest negotiating position as possible, and to make it easier for you and reduce surprises.
Our extensive knowledge of the Rio Rancho real estate market allows us to guide our clients intelligently. Whether you are looking to buy, sell or invest, our mission is to provide you with exceptional customer service and assist you throughout the entire transaction.
Please call us today or fill out the online contact form,. Let us know how we can best serve your Albuquerque real estate needs. We look forward to speaking with you!
John Myers, Owner and Qualifying Broker
Myers & Myers Real Estate
Office: 505 401-7500
Map of Rio Rancho, NM
All data is taken from the Greater Association of Albuquerque of Realtors monthly market statistics.