Rio Rancho Real Estate Market Homes Sales Decline 9.85% in December 2014
December 2014 was a complete bust for the Rio Rancho real estate market. Bad news has been the norm for the Rio Rancho real estate market for the majority of 2014. The Rio Rancho home sales declined by 9.85% in December 2014 compared to December 2013. There were 113 homes sold in December 2014 compared to 132 homes sold in December 2013. As a point of reference the number of homes in the Albuquerque real estate market increased by 3.33% December 2014 compared to December 2013. The number of home sales in the Rio Rancho real estate market have been absolutely terrible for 2014.
The inventory of homes for sale in Rio Rancho increased only 1.52% in December 2014 compared December 2013. The inventory of Rio Rancho homes in December 2014 stands at 668 homes compared to 658 homes in December 2013.
The number of new Rio Rancho listings decreased by 15.57% in December 2014 compared to December of 2013. This was the only good news in the December report.
The Rio Rancho real estate market continues to have too many homes on the market and not enough buyers of Rio Rancho homes. This is great news for Rio Rancho home buyers as the Rio Rancho housing market 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 a very difficult market if you are trying to sell a Rio Rancho home. Sellers of Rio Rancho homes need to put an excellent product on the market and price the home according to the condition of the home and the real estate market. Sellers are not going to get top dollar in this difficult market.
The median price for Rio Rancho homes decreased by 6.87% in December 2014 compared to December 2013. The December 2014 median home price in the Rio Rancho real estate market stands at $167,000 comapared to $179,325 in December 2103.
Average home price in the Rio Rancho real estate market decreased by 8.52% to $182,744 in December 2014 compared to December 2013. The average home price in the Rio Rancho NM housing market was $199,767 in December 2013.
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.
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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.
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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.
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John Myers, Owner and Qualifying Broker
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All data is taken from the Greater Association of Albuquerque of Realtors monthly market statistics.
