Rio Rancho Real Estate Market Sales Drop By 17.42% in August 2014
August was the fourth straight month home sales have declined by double digits in the Rio Rancho real estate market? The Rio Rancho real estate market experienced a decline in home sales by 17.42% in August 2014 compared to August 2013. The Rio Rancho real estate market saw 147 homes sold in August 2014 compared to 178 homes sold in August 2013. As a point of reference the number of homes in the Albuquerque real estate market fell by 5.18% in August 2014 compared to August 2013. The number of home sales in the Rio Rancho real estate market have been nothing less than horrific for the past four months.
The Rio Rancho real estate market saw the inventory of homes increase by 14.75% in August 2014 compared August 2013. The inventory of homes in August 2014 stands at 840 homes, this is the highest amount of inventory for 2014. The number of new listings in August 2014 increased by 14% to 285 homes.
Currently the Rio Rancho real estate market has too many homes on the market and not enough buyers. This is great news for buyers as Rio Rancho is clearly a buyer’s market. Home buyers in Rio Rancho should be patient and find the right home, then negotiate tough to get the best deal possible. This is terrible market if you are trying to sell a home in the Rio Rancho real estate market. Sellers of homes in Rio Rancho need to put a superior product on the market and price the home according to the market. Sellers are not going to get top dollar in this difficult market.
As you might expect. the median price for homes in the Rio Rancho real estate market decreased by 12.06% in August 2014 compared to August 2013. The August 2014 median home price in the Rio Rancho real estate market stands at $154,000. This is the second lowest median home price in Rio Rancho for 2014.
Average home price in the Rio Rancho real estate market decreased by 3.59% to $181,899 in August 2014 compared to August 2013. The average home price in the Rio Rancho NM housing market was $188,681 in August 2013.
Rio Rancho and Albuquerque are both experiencing similar trends in home sales and home prices in 2014. However, the Rio Rancho market declines in prices and home sales is much more dramatic than Albuquerque. It is my opinion, much of the woes in the Rio Rancho real estate market is due to the reduction in staff at the Intel plant. The Rio Rancho real estate market shows how important the Intel plat is to the city of Rio Rancho. It is vital for the Rio Rancho economy to attract new high paying private sector jobs to invigorate the economy.
The Rio Rancho real estate market is experiencing two undeniable trends in 2014. Their are fewer buyers of homes in Rio Rancho and there are more sellers of Rio Rancho homes. Home prices in the Rio Rancho real estate market will continue to be under pressure as long as this trend continues. I believe it will take an influx of high paying private sector jobs and a real increase in wages to improve the Rio Rancho economy and the housing market.
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.