Here's my latest Rio Rancho Real Estate Report for September 2009.
There is some good news to report this month! Year -to-date (YTD) Closed sales in Rio Rancho were up 14.89%.
Pending Sales were also up 22.31% in September which bodes well for October Closings.
Active Listings
The number of Rio Rancho homes for sale in September 2009 decreased 22% since September 2008.
The number of townhomes and condos on the market is too small to report.
The decrease in inventory is a result of fewer new listings hitting the market combined with an increase in closed sales. Supply and demand is beginning to rebalance.
New Listings
The number of new listings in September was down 17% year to date.
New listings of single family homes continue their decline as more Rio Rancho homes have sold and as sellers who have the option of moving or not are choosing to sit tight.
Pending Sales
The number of pending sales increased 22%, a dramatic increase in the number of houses under contract but not yet closed.
This is the fourth consecutive month the market has experinced a large increase in pending sales.
Closed Sales
Closed sales were up 15% year to date!
This is the ***third consecutive monthly increase*** we've seen in the number of closed sales in a year!
I expect to see a continued increase in closings continuing into October and November as first time homebuyers take advantage of the $8,000 tax credit.
The Rio Rancho Real Estate Market continues to be very strong when compared to other cities in the U.S, and stronger than the Albuquerque Real Estate Market.
As the end to the $8,000 first time homebuyers tax credit nears expiration, I expect to see an increase in sales until December 1st. Expiration of the tax credit could have a dramatic effect on the market, and could lead to a very slow winter. There has been at least one bill introduced in congress to extend and possibly expand the first time homebuyer tax credit, but nothing is certain yet.
Albuquerque Real Estate Report for September 2009
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