The average sales price of single family residential homes that closed last June was actually UP from the figures for the same month last last, and up very considerably over the figures for June of 2007!
That's great news, and rather surprising given everything we're hearing about real estate prices falling nationwide.
It's not all good news, though. Only half as many houses closed last June as in June of 2008, with only 5 closings of single family detached homes closing last month, compared to 11 closing in June of 2008, and 23 of 2007. So far fewer homes are actually closing.
Edgewood, New Mexico is a great little town 20 minutes east of Albuquerque, that is full of affordable rural homes and horse properties. Edgewood is also growing quite rapidly, with new commercial activity such as the new Wal-mart that recently opened, and offers resident local shopping, dining a business opportunities without having to drive into Albuquerque.
For more information about Edgweood and its real estate market, contact me any time at (505)239-4796, or visit my Albuquerque Horse Properties website.
An additional piece of bad news was that the average time on the market doubled! In June of 2007 and June 2008, the average "Days on the Market," or DOM, were 56 and 55 days, respectively. But in June 2009, the homes that closed had been on the market an average of 136 days, so it is taking far longer for the homes that do sell to close.
So, the good news is price are up.
The bad news is fewer homes are selling, and they are taking longer to sell.