So, how are real estate values doing here in charming Corrales, New Mexico?
The answer is: We're going strong!
A comparison of prices for single family, detached homes in Corrales during the first quarter of 2007 vs. the first quarter of 2006 showed prices up substantially, which is great news for our Corrales homeowners! Figures based on home sales data from the Southwest MLS Service shows sales price in Corrales up 27.31% for the first quarter of 2006 vs. the first quarter of 2007! The average sales price increased from $461,982 to $588,157. See the chart below for more details on this good news:
However, before you start celebrating too joyfully, the news is not unmixed! Property values are up, but the number of sales is down as well. Where 32 single family detached homes sold in Corrales in the first quarter of 2006, only 21 similar properties sold during the first quarter of 2007.
One might hope that perhaps this was because fewer people were trying to sell their homes this year, but that is not the case. 85 single family residences were listed in Corrales, New Mexico during the first quarter of this year, while only 65 such properties were listed in the first quarter last year. Which helps explain the last statistic I'd like to mention: time on the market is also increasing. The average days on the market for Corrales homes sold from 1/1/06 to 3/31/07 was 41, but for the period from 1/1/07 to 3/31/07, that figure had increased to 64 days on the market. Still, not an inordinately long time on the market, and one indicative of a fairly strong real estate market in Corrales so far in 2007, but with more properties on the market, it is taking longer, on average, for homes to sell.
The chart below may help you visualize what's going on in this area:
All the iinformation above is based on data from the Southwest MLS Service.