Tuesday, October 26, 2010
September 2010 Market Report
For the second month in a row, the number of single-family detached homes on the market remained at 5,759, which was 11.70 percent more than in September 2009. Every buyer looking for a home had approximately 9 available to choose from. We have a ten-month supply of homes on the market. (A normal supply is six months).
Pending sales (the number of homes under contract to close) were 28.82 percent fewer than in September 2009 and a significant 14.5 percent lower than in August. (In August, 768 homes were under contract to close. In September, there were 657 and in September 2009 there were 923).
In September 2010 in the Greater Albuquerque Metropolitan Area, 479 single-family detached homes sold compared to September 2009 when 661 sold. In August, 511 sold.
Interestingly, both average and median sales prices were higher than those of 2009 but not yet back up to the level of 2008. Average sale price in September 2010 was $217,677. In 2009, it was $209,987. The median in September 2010 was $183,000 and in September 2009, 179,900. (The average sale price in September 2008 was $222,947 and the median, $186,750.
Statewide Housing
The state report for the month of September shows similar results for average and median prices. The difference lies only in the actual numbers, which are slightly lower. The state-wide price increases, despite decreasing sales and continuing high inventory may be signaling a turnaround. Read the GAAR Report.
Lawrence Yun, the chief economist of the National Association of Realtors (NAR) speaking about the national housing market, declared that although nationally, sales remain lower than last September’s, they are significantly above those of August. He concluded that the housing recovery has begun.
That may well be the case, because it is widely accepted that New Mexico is not a market leader when it comes to changes in real estate sales or the economy. The state lagged behind others and entered the downturn about nine months later than most. With its tentative price increases, it may well be revealing the first signs of recovery that will be fully obvious nine months from now.
Buyers, take note! The low prices, low interest rates may not be here much longer.
Sources: (GAAR), (RANM)
Eloise Gift, CRS
Gift RealtyNM
Sunday, October 17, 2010
Balloon Fiesta and Parade of Homes Nostalgia
Invariably they joined me and came back for more.
Alas, I did not volunteer this year that turned out to be one of the warmest balloon fiesta season on record. I am sure the breakfast burritos and hot chocolate did not taste as wonderful this year. Yet, I have no doubt the show was as grand as ever.
Overlapping with balloon fiesta is another of my favorite Albuquerque fall events, the Homebuilders Association Parade of Homes. In full swing right now, but somewhat shrunken in size, it is a bit different this year. Warm Balloon Fiesta dmornings! Smaller Parade of Homes! So I am feeling a bit nostalgic about both events especially when I look back on follow-up reports I wrote in previous years. This Parade of Homes blog post for a previous year makes the point.
However, this year's Parade of Homes, although scaled back in terms of the number and price of homes, does have some charming, well built homes. The contemporary-style home I mention in this article for example, does not have an opulent-looking approach. It does have a wow factor when you open the front door. And it combines understated elegance with practicality, energy efficiency, and comfort.
I like the increasing green trend in homebuilding reflected in so many of this year's homes. I hope to see more next weekend, and will be looking to see if green building continues to gain ground (pun intended) next year.
Eloise Gift
Gift Realty NM
Friday, October 15, 2010
Appreciating Water - Blog Action Day 2010
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Rio Grande near Tamaya Resort |
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Tamaya Resort, Bernalillo, NM |
Consequently, all the lessons of elementary and high school about climactic regions of the earth were for me not more than academic exercises. I could not develop an appreciation for distant regions of the earth without life-sustaining water in abundance. If you grow up surrounded by water, it is difficult to conceive of a way of life with limited water supply. I couldn’t understand why anyone would choose to live in a desert. The need for water is always urgent and more vital than food.
But communication has improved. Technology allows us to virtually experience daily life and customs of people in opposite corners of the world from ours. With improved communication comes improved awareness and knowledge. Better yet, physically moving to the area and f experiencing it firsthand brings even deeper understanding. Moving from a tropical island and the temperate climactic zones of the Eastern United States to the sunny Southwest introduced me to a way of life with much less water than I was accustomed to and helped me develop a keener awareness of the already high and increasing premium of water in our world.
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Where Streams of Living Waters Flow |
The EPA’s monitoring role extends to pollution control, education and training and conservation and sustainability through the efficient water use. In the high desert region of Albuquerque, New Mexico, conservation translates into the government’s taking steps to preserve the aquifer that was the lifeblood of the water source since the foundation of the city. Among other initiatives, the government is also encouraging the construction of xeriscape, low-water-use gardens instead of landscapes with grass and non-native plants. Cities and counties are educating homeowners and offering incentives to adapt wide ranging water conservation practices that include low-flow toilets, the use of rain barrels, incorporation of grey water for irrigation..
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NM Bird Sanctuary-Bosque del Apache |
The writing is on the wall for those of us in the most developed nation on earth who instead of turning on the faucet for a glass of drinking water, unscrew a bottle cap. We should take this as an indication that we need to increase our efforts to preserve and conserve water. Because, we have in place laws, and systems, inadequate though some may consider them, to filter, treat and supply clean water, we can information, resources, and best practices that we can share with the less fortunate. In being our brothers’ keepers we are also helping ourselves and seeing to the future of our planet as a life-sustaining home. It is appropriate to devote a day to these thoughts as blogaction day set out to - http://www.blogactionday.change.org.
Eloise Gift
Albuquerque New Mexico Real Estate
New Mexico Real Estate
Monday, October 4, 2010
Sunday, October 3, 2010
Green Not Only for Trees
Within a relatively short time, the word “green” has come to be as widely understood as a way of life as of a color. The new definition, synonymous with sustainability, environmental and ecological sensitivity embodies the defining attribute of our planet as a healthy life supporting environment. It is generally accepted that losing the green attribute of earth means losing quality of life as we know it.
The green concept at one time identified with enthusiasts (cynically referred to as tree huggers) for the preservation of trees and forests, is now recognized as necessary in every sphere of our lives for our efforts to be effective. Green relates not only to tree and forestry preservation but also to the preservation of our natural resources, the creation of clean energy, maintaining clean air, clean water, clean fuel; to waste reduction, biodegradable garbage and healthy homes, the very preservation of our planet. Living green has become everyone’s responsibility.
With respect to real estate, the building industry is increasingly designing and constructing homes, offices, schools and other work spaces to meet green standards set by the United States Green Building Council (USGBC). They are motivated by the demands of clients interested in sustainable living, health and comfort concerns and incentives from corporations, municipal and state governments.
But what if the home you live in was built before green awareness extended to home construction? Are steps one can take to make a home more comfortable, energy-efficient and economical to maintain short of doing a full-scale green remodel? One can complete a do-it-yourself or a professional home energy audit to determine areas of inefficiency or waste.
Diagnostic steps could include:
- Checking insulation levels in attics, exterior and basement walls, ceilings, floor, crawl spaces
- Checking for cracks or holes around walls, ceilings, windows, light and plumbing fixtures, switches and electrical outlets
- Checking fireplaces for open dampers
- Checking appliances and heating and cooling systems for proper installation and maintenance.
- Following up by taking appropriate steps, most of which are easy and simple to do to correct the problem and align a home closer to green standards.
Remedial Efforts
- Install a programmable thermostat.
- Switch to compact fluorescent (CFL) light bulbs
- Air dry dishes instead of using the dishwasher drying cycle
- Turn off your computer and monitor when not in use.
- Plug home electronics into power strips and turn off the power strips when the equipment is not in use.
- Lower the thermostat on your hot water heater to 120°F
- Wash only full loads of dishes and clothes.
- Avoid aggressive driving with rapid acceleration and braking.
- When buying appliances, look for energy ratings on them and choose the the most efficient
Half of all the members of the National Association of Realtors (NAR) think energy costs are important to their clients and eighty-seven percent think that clients’ energy cost concerns will increase over the years. Research findings are that a typical family spends $1,900 per year on home utility bills, a large part of which is wasted. Simple steps to thinking and acting green can make a positive difference to your savings account and quality of life at home. (Source: National Association of Realtors)
Friday, October 1, 2010
Fluctuating Albuquerque Housing Market Seeking to Rebalance
Downtown Albuquerque |
There are 8.68 percent more active listings than there were in August 2009. (August 2009 had 5,229 single-family detached homes on the market. and August 2010 had 5,759).
Pending sales continue to decrease and in August, were at 22.11 percent below the August 2009 count.
The median price of single-family detached homes, unlike last month’s seemingly upward trend, is down 1.88 percent from one year ago (August, 2009), having decreased from $186,000 to its current $182,500.
August sales fell throughout all of the Greater Albuquerque Southwest Multiple Listing Service areas except Corrales. Albuquerque (the most densely populated area) sold 357 detached single-family homes and 42 attached (condos and townhomes). Rio Rancho sold 99, Corrales sold 8, Bernalillo sold 2, Placitas 4, East Mountains 15, and Valencia County: 26.
Courtesy, the Greater Albuquerque Association of Realtors.
Greater Albuquerque NM Market Update August 2010
Market Fluctuations Continue
A Matter of Perspective
NAR: Existing Home Sales Move Up in August . . . RANM: New Mexico Home Sales Hold Steady in August: Median price Drops.
I write my August Market Update against the backdrop of the National Association of REALTORS (NAR) and the REALTORS’S Association of New Mexico (RANM) headlines as presented by the Greater Albuquerque Association of Realtors (GAAR)for the same period. Can all our accounts be true and have validity. Absolutely! NAR gives a national perspective. RANM gives a state perspective and my report gives a local area perspective. Quarterly, I drill down to prepare a neighborhood perspective for my neighborhood civic association. When I prepare pre-sale reports for clients, I drill down even further to compare subsets of similar homes within a neighborhood.
Most important to keep in mind when reading reports, is that real estate is local and that what is true for one area may not be so for another even as what is true for one house on a neighborhood street is not for another that is built identically. While it is important to pay attention to what is happening nationally and even internationally, we must be aware of the trends and peculiarities of markets where we live.
Greater Albuquerque Area
The August market report reflects continuing fluctuations in inventory, sales and prices as the housing market seeks to rebalance and recover. Active listings have increased; pending sales, closed sales as well as median sale price of single-family detached homes are all down. Average sale price remains in positive territory at 4.44 percent above that of August 2009 and days on the market decreased from an average of 80 last August to 77, this year.
There are 8.68 percent more active listings than there were in August 2009. (August 2009 had 5,229 single-family detached homes on the market. and August 2010 had 5,759).
Pending sales continue to decrease and in August, were at 22.11 percent below the August 2009 count.
The median price of single-family detached homes unlike last month’s seemingly upward trend is down 1.88 percent from one year ago; having decreased from $186,000 to $182,500.
August sales fell throughout all of the Greater Albuquerque Southwest Multiple Listing Service areas except Corrales. Albuquerque (the most densely populated area) sold 357 detached single-family homes and 42 attached (condos and townhomes). Rio Rancho sold 99, Corrales sold 8, Bernalillo sold 2, Placitas 4, East Mountains 15, and Valencia County: 26.
(Courtesy, the Greater Albuquerque Association of Realtors.