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.
Search Homes For Sale in Rio Rancho NM By Price
Rio Rancho Homes For Sale Under $100,000
Rio Rancho Real Estate For Sale $100,000 to $150,000
Rio Rancho Homes For Sale $150,000 to $200,000
Rio Rancho Real Estate For Sale $200,000 to $300,000
Rio Rancho Homes For Sale $300,000 to $400,000
Rio Rancho Real Estate For Sale $400,000 to $500,000
Rio Rancho Homes For Sale Over $500,000
Myers & Myers Real Estate
The real estate market is constantly changing and no two clients or transactions are the same. Achieving the real estate goals of our clients are the cornerstone to our business philosophy.
For most people, buying a house or selling a house, is the biggest financial decision of their lives. Selecting the best real estate agent will be the most critical decision made when buying or selling a home.
Our real estate agents have extensive experience in the current market and are agents you can trust. We have the knowledge and expertise to help you buy or sell a house.
Our team is here to help you and make the process as stress free as possible.
Myers & Myers Real Estate has been helping home buyers and sellers since 2010 and we’re ready to put our expertise to work for you.
Rio Rancho Real Estate Agents – Sellers
Our real estate agents will help you sell your house and achieve your real estate goals. We have the knowledge and experience to get your home sold and get you where you want to go one time, put you in the strongest negotiating position possible, and make it easier for you and reduce surprises. Choose Myers & Myers real estate agents to help you sell your house.
Sell your home working with experienced real estate agents who specializes in your desired market will make all the difference.
When you list your house with Myers & Myers Real Estate, your home will be seen by thousands of home buyers through our online marketing plan. Contact us to discuss our cutting-edge marketing plan, market knowledge, and experience to sell your home.
Rio Rancho Real Estate Agents – Buyers
Our buyer’s real estate agents will help you find the perfect home for your needs and budget. We’ll make sure you find the right home, you don’t miss out on any homes that meet your goals, and we’ll help you negotiate the best price possible. Contact us today to get started on your home buying journey.