Enchanted Hills is located in northern Rio Rancho. The neighborhood is west of NM 528 and south of US 550.
Let's start with a look at the overall market in the area over the last 30 days.
As you can see from the graphic to the left the number of closed sales over the last 30 days was very low. 6 to be exact.
However, the number of pending sales is quite high. This suggest two possible things. First that the market is picking up, or second, that there are a lot of short sales in pending status that are not making it to closing.
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A closer look at the curent pending sales shows that most of the transactions are regular homes, and that short sales and REO's (bank owner properties) make up only a small percentage of the pending sales.
This indicate a reasonaly healthy market without much forclosure activity.
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Short sale and REO's make up only a small percentage of the homes currently for sale.
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There were not many closed sales over the last 30 days in Enchanted Hills.
However, the transactions that did close were mostly regular sales, with a slightly higher percentage of short sales but with no REO sales.
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Although the number of closed sale seemed low in September, it was an increase over the last two years.
The peak of sales was in September of 2006.
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The average sales price continues to decline.
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Average days on the market has continued to increase significantly.
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Average Sales Price/List Price Ratio continues to decline.
This means the average amount that sellers are negotiating off of price is 4%.
It's crucial to understand market conditions when you are planning to buy or sell. You should work with a Realtor who understand and can help you interpret these numbers.
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