October 2008 Greater Albuquerque Area Market Update
The Greater Area Market continues to be stable unlike the rest of the USA. Our market favors buyers with some excellent deals. Listing inventory remains close to 6,000 listings where it has been for most of the year, giving Buyers an abundance of choice.
October saw 1,411 new detached residential listings come on the market. This number is down 6% from last month, following the similar trend for the last 3 years. There were 1,086 Pending and Closed Sales, down from last month, but the decrease is not unusual for this time of year.
Pending Sales in Albuquerque are virtually unchanged from last October, going from 406 to 402. Pending Sales in Rio Rancho went up 2% from last year at this time.
Median home sales for detached homes have gone up since last month. We see the highest increase in condo and townhome sales with an 18% increase in the Median Sales Price from last month.
Sellers can look forward to selling their single-family homes within 72 days and condos/townhomes within 53 days. The days on market for home sales in October went down from last month.
Now is an excellent time to buy in our area. Relocation opportunities are use, Active Adult communities are giving incentives and right now we can negotiate some incredible new construction homes starting from first time Home Buyers all the way into the Luxury Home Market.
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Have a great day!!
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