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
No comments:
Post a Comment