Albuquerque Housing Market Statistics April 2011

Albuquerque Housing Market Statistics, April 2011

Albuquerque and Rio Rancho Real Estate Market Overview

This report is a summary of the monthly market statistics for the Albuquerque Metro real estate market.

April market data compared on a year over year basis brings all bad news for the Albuquerque market and most of the news is bad for the Rio Rancho market. My charts at the bottom of this report have key data in red and green, Green is good for the market, Red is bad. You can see almost all indicators are red; the one green indicator is days on market in Rio Rancho declined slightly. This is little consequence since home prices have been falling for most of the year. April’s year over year comparison for the Albuquerque market shows a negative trend in closed sales, median prices, and average prices, and days on market compared to 2010. Rio Rancho had negative trends in closed sales and average prices, median prices and days on market were neutral and positive. This is the fourth month in a row with Rio Rancho experiencing decreases or no change in both average and median sales prices. Rio Rancho average sales price was down by 10.95% in January, down 14.66% in February, down 1.61% in March, and down 3.04% in April compared to 2010 year over year prices. Rio Rancho median sales price were down by 2.84% in January and down 12.06% in February, down 9.07% in March, and flat in April compared to 2010 year over year prices. The Albuquerque market is not much better, however Albuquerque did see an increase in median sales price and average sales prices in the month of February, the other three months of the year have seen decreases. There is no sign this downward trend is about to change in the near future. Now is the time to get your home on the market if you plan to sell your home this year. I am offering a 10% discount on my listing fees for anyone that signs a listing agreement in the month of May. Home builders are stepping slowly back into the market and I have seen several new homes under construction. There is still a pipeline full of foreclosures waiting 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 clear the market and get sold before the housing recovery can really kick into high gear.

Albuquerque Housing Market Statistics

Albuquerque Housing Market Statistics Homes Sold

The total number of single family detached Albuquerque homes sold in April 2011 decreased by 17.82% compared to April 2010. Actual number of single family detached Albuquerque homes sold in April 2011 is 392 compared to 477 in April 2010.

Albuquerque Housing Market Statistics Median Price

The median price for single family detached Albuquerque homes in April 2011 decreased by 6.77% compared to April 2010. Actual median price for single family detached Albuquerque homes sold in April 2011 is $164,000 compared to $175,900 in April 2010.

Albuquerque Housing Market Statistics Average Price

The average price for single family detached Albuquerque homes in April 2011 decreased by 6.51% from April 2010. Actual average price for single family detached Albuquerque homes sold in April 2011 is $196,703 compared to $210,839 in April 2010.

Albuquerque Housing Market Statistics Active Listings

The total number of active listings for single family detached Albuquerque homes in April 2011 decreased by .07% compared to April 2010. Total active detached single family Albuquerque homes listed in April 2011 is 3,057 compared to 3,059 in April 2010.

Albuquerque Housing Market Statistics Days on Market

The average days on market for single family detached Albuquerque homes in April 2011 increased by 28.13% from April 2010. Actual average days on market for single family detached Albuquerque homes listed in April 2011 is 82 days compared to 64 days in April 2010.

Rio Rancho Housing Market Statistics

Rio Rancho Housing Market Statistics Homes Sold

The total number of single family detached Rio Ranch homes sold in April 2011 decreased by 14.29% compared to April 2010. Actual number of single family detached Rio Rancho homes sold in April 2011 is 98 versus 124 in April 2010.

Rio Rancho Housing Market Statistics Median Price

The median price for single family detached Rio Rancho homes in April 2011 was flat compared to April 2010. Actual median price for single family detached Rio Rancho homes sold in April 2011 is $166,500 compared to $166,500 in April 2010.

Rio Rancho Housing Market Statistics Average Price

The average price for single family detached Rio Rancho homes in April 2011 decreased by 3.04% from April 2010. Actual average price for single family detached Rio Rancho homes sold in April 2011 is $179,842 compared to $185,473 in April 2010.

Rio Rancho Housing Market Statistics Active Listings

The total number active listings for single family detached Rio Rancho homes in April 2011 decreased by 5.51% compared to April 2010. Total number of active detached single family Rio Rancho homes listed in April 2011 is 771 compared to 816 in April 2010.Rio

Rancho Housing Market Statistics Days on Market

The average days on market for single family detached Rio Rancho homes in April 2011 decreased by 8.43% from April 2010. Actual average days on market for single family detached Rio Rancho homes listed in April 2011 is 76 days compared to 83 days in April 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.

Albuquerque Housing Market Statistics Homes Sold