So far the Rio Rancho housing market is sending mixed messages and some earl trends are a little troubling. The most troubling trend for the Rio Rancho housing market is the number of homes being placed in to pending. In four of the first five months, pending sales are down by double digits. In January pending sales were down 23.96%. in February pending sales were up 28.3%, in March pending sales were down 12.32%, in April pending sales were down 27.11%, in May pending sales were down 16.92%. Pending sales occur when a buyer and seller reach an agreement to purchase the home in the near future. Another troubling trend for the Rio Rancho housing market is the number of homes on the market. For the past two months the number of homes on the market have increased by 13.19% in May and 8.07% in April. We also saw a 26.63% decline in closed sales for the month of May as compared to May 2013. This is typically the strongest time of the year for homes sales in the Rio Rancho housing market.
Simple economics tells us that less buyers and more inventory will put pressure on home sales prices. Economics tells us the current situation should cause home prices to fall in the Rio Rancho housing market. However, the average sales price in May inreased by 8.84% over prices in May 2013. In addition, the median home price in May increased by 6.23% over May 2013.
What does all this mean? Nobody can predict the future, however is is clear the Rio Rancho housing market is struggling and is sending us mixed messages. In my opinion the most important learning here is we need to continue to monitor all the data and it will help us understand where the Rio Rancho housing market is headed.
Written by John Myers on June 11, 2014. Data is taken from the Greater Albuquerque Associataion of Realtors monthly market statistics. John Myers is the owner and Qualifying Broker for Myers & Myers Real Estate.
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