Home sales were down in Rio Rancho during December 2014. Home sales, which only started to show positive signs of a strong rebound in the second half of 2013, were slow all through 2014. General economic conditions and the Intel layoffs were to blame.
Total Home Sales
Last year there were 138 closed 
home sales reported on the Southwest MLS, this year only 127 homes have been reported in Rio Rancho. The average sales price decreased from $215,064 in December 2013 to $195,816 in December 2014. That's about a 9% drop in the average sales price which is pretty steep. The median home sales price also dropped about 7%
See Homes for Sale in Rio Rancho NM
Certain areas of Rio Rancho were hit harder than others. The sales information was better for two neighborhoods: Loma Colorado and Astante Villas Townhomes in Cabezon.
REO (foreclosure) and Short Sales
REO sales increased during December moving from 19% of the market last year to 24% of the market. The average sales price on REO sales was $124,828, down from $135,050 last year.
The news about short sales was better, perhaps. Short sales made up 8% of the market last December, but only made up about 2% of the market this December.
Read my 2014 Rio Rancho Foreclosure and Short Sale Report to lean more.
What Will 2015 Look Like in Rio Rancho?
Market conditions have been worsening, but it's always darkest before the dawn. The percent of home owners is unusually low right now across the nation, which means under the right conditions we should expect sales to increase and return to more normal levels.
To encourage home buyers, Obama has lowered the annual mortgage insurance rate by .5%, which for marginal home buyers increases their buying power or makes their loans less expensive.
Those two factors: historically low levels of home ownership and cheaper loans, could make for a strong real estate market in Rio Rancho this spring. A strong spring could signal a rebound in the market, and if the millennial generation, the first time home buyers enter the marketplace like we expect them to, 2015 could be an improved year.
Rio Rancho home owners need to keep their fingers crossed; home buyers need to get out there and purchase while the buying is good!!!
Let Me Help You Find the Right Rio Rancho Home!
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