Rio Rancho Real Estate Report for August

Here is my Rio Rancho Real Estate Report for the month of August 2009.

New Listings

New listings in Rio Rancho were down 38% YTD, with 197 new listings in August 2009 compared to 317 new listings in August 2008.

Total Listings Available

The total number of listings available in Rio Rancho decreased 25%.

Pending Sales

Pending sales, houses that are under contract but have not yet closed, increased 22%.

Closed Sales

Rio Rancho closed sales were up 8%.

Median Sales Price

The median sales price was down 4%, decreasing from $176,500 in August 2008 to $169,700 in August of 2009.

Average Sales Price

The average sales price was up 1%, increasing slightly from $197,078 in 2008 to $198,615 in 2009.

Average Days on the Market

Average days on the market in Rio Rancho increased 11% from 80 days to 89 days.

Summary

This is great news for sellers and for the market in general. Less new listings and less inventory plus more pending and closed sales made it easier to sell a home. It also but it bodes well for the overall health of the market as the supply of homes is decreasing to meet the demand for homes.

The $8,000 first time hombuyer tax credit is set to expire December 1st, and interest rates are still low, so I expect to see strong numbers for at least the next two or three months.

Check back about this same time next month for my September Rio Rancho Real Estate Report.