Albuquerque Real Estate Report for October 2009

Here is my Albuquerque Real Estate Report for October 2009. October was a good month for the Albuquerque Real Estate Market.

This graph illustrates that the number of closed sales in October 2009 (554) was a significant increase over the number of closed sales in October 2008 (429). This is a 29% increase. October 2009 sales were the strongest since 2006.

In fact, this is the fourth time in the last five months when the number of closed sales showed an increase over the same month in 2008.

The drastic increase in October closed sales is most likely due to the rush of first time homebuyers who were trying to close before November 30 so they can qualify for the $8,000 tax credit.

At $209,614 the average sales price stayed virtually the same as last month (Average sales price in September was $209,614),

but the average sales price is still off where it was in 2007 and 2008.

You can see by this graph that the majority of sales on October were in the $100,000 to $200,000 price range, the price range where typically the first time homebuyers are.

While there are some positive signs both in the number of closed sales and the average sales price, I think it is premature to suggest the housing market is recovering. I would say instead that the housing market in Albuqeruqe is reacting to the first time home buyer tax credit. We are likely to see increases next month as well.

Read my post This is the Effect of the Housing Stimulus?

Read my Northwest Albuquerque Real Estate Report for Area 120 (Ventana Ranch)

Read my Northwest Albuquerque Real Estate Report for Area 11 (Paradise Hills)

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