Richland Hills, NM Real Estate Market History

Here is a summary of  Richland Hills, NM Real Estate over the last 10 years. Richland Hills Subdivision is located in Northwest Albuquerque.



Here is a graph that respresents the number of homes sold in Richland Hills from 1999 to 2009.
As you can see, the number of homes sold peaked in 2002. Home sales have been in decline since 2005 and are at a level that matches the number of sales in 2000.



I have tracked average days on the market (DOM) using total cumulative days from the initial listing to when the house is put into pending status. In 2005 homes were flying off the market, the average DOM was a mere 15 days. This year the DOM is 131.



The average sales price has declined 13% since it's peak on 2006. Average sales price has declined 2% over the last year.

Summary

Although the number of sales has declined considerably (38%) since the 2005/2006 peak, average sales price has only declined 13%.

There have been no short sales, foreclosures or bank owned properties (REO's).  The Richland Hills Real Estate Market remains relatively strong.