Albuquerque Housing Market Statistics February 2011

Albuquerque Housing Market Statistics

Albuquerque Housing Market Statistics is a summary of the Greater Albuquerque Association of Realtors monthly report. February Albuquerque housing market statistics data compared on a year over year basis brings some positive news for the Albuquerque market and more bad news for the Rio Rancho market. My charts at the bottom of this Albuquerque housing market statistics report have key data in red and green, Green is good for the market, Red is bad. February’s year over year comparison for the Albuquerque market shows an improvement in closed sales, median prices, and average prices, only days on market were negative compared to 2010. On the other hand Rio Rancho had negative trends in closed sales, average prices, median prices and days on market. This is the second month in a row with Rio Rancho experiencing large decreases in both average and median sales prices. Rio Rancho average sales price was down by 10.95% in January and down 14.66% in February compared to last year prices. Rio Rancho median sales price were down by 2.84% in January and down 12.06% in February compared to last year prices. I stated in last months report that I thought the Rio Rancho declines could be an anomaly. With two months of negative data, this may not be an anomaly. Home buyers are coming out of hibernation and this is certainly driving the market in a positive way in the Albuquerque market, not so in Rio Rancho. March has been a very strong month in the past and I expect March numbers will be an improvement over last year. Now is the time to get your home on the market if you plan to sell your home this year. I am offering a 15% discount on my listing fees for anyone that signs a listing agreement in the month of March. Home builders are stepping slowly back into the market and I have seen several new homes under construction. This is certainly a sign we are at the beginning of a housing recovery. However, there is still a pipeline full of foreclosures still to hit the market. As you may have read, the big banks have halted or slowed down their foreclosure operations as a result of allegations of fraud against the banks. The banks are reviewing their processes and refining their procedures. This means there are many foreclosures that will hit the market after the banks ramp up their foreclosure operations. This will certainly have a negative impact on the market. However, we need these foreclosures to hit the market and get sold before the housing recovery can really kick into high gear.

Albuquerque Housing Market Statistics Homes Sold

The total number of single family detached Albuquerque homes sold in February 2011 increased by 13.13% compared to February 2010. Actual number of single family detached Albuquerque homes sold in February 2011 is 293 compared to 259 in February 2010.

Albuquerque Housing Market Statistics Median Price

The median price for single family detached Albuquerque homes in February 2011 increased by 3.55% compared to February 2010. Actual median price for single family detached Albuquerque homes sold in February 2011 is $175,000 compared to $169,000 in February 2010.

Albuquerque Housing Market Statistics Average Price

The average price for single family detached Albuquerque homes in February 2011 increased by 13.19% from February 2010. Actual average price for single family detached Albuquerque homes sold in February 2011 is $228,291 compared to $201,686 in February 2010.

Albuquerque Housing Market Statistics Active Listings

The total number of active listings for single family detached Albuquerque homes in February 2011 decreased by 3.65% compared to February 2010. Total active detached single family Albuquerque homes listed in February 2011 is 2,960 compared to 3,072 in February 2010.

Albuquerque Housing Market Statistics Days on Market

The average days on market for single family detached Albuquerque homes in February 2011 increased by 12.99% from February 2010. Actual average days on market for single family detached Albuquerque homes listed in February 2011 is 87 days compared to 77 days in February 2010.

Rio Rancho Housing Market Statistics

Albuquerque Housing Market Statistics Homes Sold

The total number of single family detached Rio Ranch homes sold in February 2011 decreased by 14.29% compared to February 2010. Actual number of single family detached Rio Rancho homes sold in February 2011 is 60 versus 70 in February 2010.

Albuquerque Housing Market Statistics Median Price

The median price for single family detached Rio Rancho homes in February 2011 decreased by 12.06% compared to February 2010. Actual median price for single family detached Rio Rancho homes sold in February 2011 is $155,000 compared to $176,250 in February 2010.

Albuquerque Housing Market StatisticsÂ Average Price

The average price for single family detached Rio Rancho homes in February 2011 decreased by 14.66% from February 2010. Actual average price for single family detached Rio Rancho homes sold in February 2011 is $172,456 compared to $202,088 in February 2010.

Albuquerque Housing Market Statistics Active Listings

The total number active listings for single family detached Rio Rancho homes in February 2011 increased by 1.14% compared to February 2010. Total number of active detached single family Rio Rancho homes listed in February 2011 is 798 compared to 789 in February 2010.

Albuquerque Housing Market Statistics Days on Market

The average days on market for single family detached Rio Rancho homes in February 2011 increased by 20.27% from February 2010. Actual average days on market for single family detached Rio Rancho homes listed in February 2011 is 89 days compared to 74 days in February 2010.

For those of you that prefer to see the data in a table format I have provided that format below. Green numbers are positive trends and red numbers are negative trends.

Housing Market Statistics Homes Sold

Area Name	MLS Area	February 2010	February 2011	Increase (Decrease)
Albuquerque	10 – 121	259	293	13.13%
Rio Rancho	140 – 162	70	60	(14.29%)

Housing Market Statistics Median Price

Area Name	MLS Area	February 2010	February 2011	Increase (Decrease)
Albuquerque	10 – 121	$169,000	$175,000	3.55%
Rio Rancho	140 – 162	$176,250	$155,000	(12.06%)

Housing Market Statistics Average Price

Area Name	MLS Area	February 2010	February 2011	Increase (Decrease)
Albuquerque	10 – 121	$201.686	$228,291	13.19%
Rio Rancho	140 – 162	$202,088	$172,456	(14.66%)