Third Quarter 2009
Albuquerque and Rio Rancho first-time home buyers jumped off the fence July to September to help drive the number of single-family, detached, residential sales for the period higher 3.75 percent higher than sales during the same period in 2008. Most likely, their strong motivation was continuing low interest rates, lower prices, tax stimulus incentives and a sense of urgency that these favorable conditions may not last much longer, especially with the stimulus incentive scheduled to end November 30.
One definite advantage of the surge in sales was that with 13.74 percent fewer new listings entering the market for the period and single-family homes building permits at their lowest since 1981, the inventory was lowered.
The Greater Albuquerque Association of Realtors reports that the average sales price of single-family detached homes was 8.57 percent lower than at the same period in 2008 and the median at $182,000, was 5.71 percent lower. Condos and townhouses, similarly, showed an increase in sales of 31.40 percent. These single-family attached homes sold at an average price of $151,295 per unit compared with $155,119 for the same period in 2008 - an average price decrease of 2.l4 percent and median decrease of 4.48 percent. The number of new listings for single family attached increased 4.38 percent for the period.
The inventory is decreasing but the number of days on the market continues to increase for all single-family homes. From July 1 to September 30, 2009, the average number of days on the market for single-family detached homes was 76 compared to 71 during the same period in 2008. For condos and townhomes, it was 82 compared to 74.
The highest performing market area for detached homes last quarter was Northeast Heights followed by Southwest Heights, Paradise West, Mid Rio Rancho and the Northwest Heights. The most significant change in the lineup was the replacement of the Far Northeast Heights by the Northwest Heights as a top-selling area for the quarter.
Best performing area for the sale od condos and townhouses continues to be Ladera Heights, followed by Academy West, Northeast Heights, the Far Northeast Heights, then Foothills South. In 2008 the lineup was Ladera Heights, the Far Northeast Heights, Academy West and Northeast Heights followed by Mid Rio Rancho. Most significant change for attached single-family home sales for the 2009 third quarter is the replacement of Mid Rio Rancho by Foothills South in the top-selling lineup. Academy West also outsold the Northeast Heights.
Eloise Gift, Gift Realty NM, Albuquerque, NM
