About Bernalillo County, NM

I've had a good year selling Albuquerque Real Estate, much better than last year, but I've seen many others struggling to survive.

I've been hearing a lot lately about how the $8,000 tax credit for first time home buyers is having an effect, so I though I'd pull some numbers to see how much of an effect it has had.

Here is a comparison of Closed Sales in Albuquerque for 2008 and 2009:

Be careful, if you didn't read the legend you might have misunderstood. The red line is not 2009, it's 2008! Closed sales for most of this year have been down from last year.

However, if my personal sales history this year are any indication, the tax credit has had a big effect on the number of first time homebuyers who have bought this year.

What this means is disturbing. Without the tax credit and without the influx of first time homebuyes where would we be? The number of closed sales would be even lower. Yet people are talking about a housing recovery.

The last two months show an increase in closed sales, so this begs the question has it effected average sales price?

Here is a history of average sales price for this year:

The increased closings haven't led to an increase in average sales price. Average sales price data doesn't necessarily mean the value of your house has declined as significantly, since a higher than usual proportion of sales have been to first time homebuyers who are buying smaller houses, and this effects the numbers. In fact, real estate is local, to get an idea of your home's value you need to look at recent-very recent-sales in your neighborhood.

What this data says to me is that this is the next housing bubble. Sales are artificially propped up, and when the stimulus disappears this bubble will burst.

How long can our country afford to subsidise housing by offering the tax credit today? We're just doing more of the same- borrowing from our children's future. But if you have a smaller house and you want to sell over the next two or three years, I think you should do it now!

------------------------------------------------------------------------------------------------------------------------

Here is my October 2009 Northwest Albuquerque Real Estate Report for area 121. Area 121 extends from Unser blvd east to Coors Blvd, Paseo del Norte north the Rio Rancho/Albuquerque Border and includes these neighborhoods: Stonebridge, Paradise Heights, Seven Bar, Paradise Meadows, Paradise Green, Crystal Ridge, Paradise Hills and Eagle Ridge plus others.

Area 121 Total Closed Sales

The graph represents a 5 year history of the total number of closed sales.

There were 24 closed sales in October 2008 and 29 closed sales in October 2009, a 17% percent increase.

Area 121 Average Sales Price

The average sales price continues to decline.

The average sales price in October 2008 was 223,111 and in October 2009 was $204,458, an 8% decrease in average sales price.

Summary

In spite of a slight increase in closed sales in this part of Northwest Albuquerque, there was a slight increase in average sales price. View my latest Albuquerque Real Estate Report.

It's important to understand local market conditions when you are looking to buy or sell. When you examine real estate data remember that market conditions can vary greatly from state to state, city to city and neighborhood to neighborhood.

Please call me on my cell at 505.750.1846, or at RE/MAX Elite at 505.798.1050 if you want a Realtor who is familiar with Real Estate in Northwest Albuquerque or Rio Rancho.

NW Albuquerque Homes for Sale from $150,000 to $175,000
NW Albuquerque Homes for Sale from $175,000 to $200,000
NW Albuquerque Homes for Sale from $200,000 to $250,000
NW Albuquerque Homes for Sale from $250,000 to $300,000
NW Albuquerque Homes for Sale from $300,000 to $400,000

---------------------------------------------------------------------------------------------------------------------------

Here is my October 2009 Northwest Albuquerque Real Estate Report. This report is for Area 120, which encompasses Ventana Ranch, Ventana Ranch West, Cantabella at Ventana Ranch, La Scala, Vittoria, Rio Vista, Seville, Paradise Skies, Los Suenos, Sundance Estates and all other Albuquerque listings west of Unser Blvd, north of Paseo Del Norte and south of the Rio Rancho border.

Area 120 Closed Sales

The graph shows a 5 year history of the number of closed sales in October.

The number of October closed sales has been increasing since 2007.

There were 40 sales in 2008 and 43 sales in 2009, a 7% increase in the total number of October closed sales.

Area 120 Average Sales Price

The average sales price has continued to decline since since it's peak in 2006.

The average sales price in October 2008 was $195,370.

The average sales price in October 2009 was $173,424, a decrease of 11%.

Summary

It's important to understand local market conditions when you are looking to buy or sell. When you examine real estate data remember that market conditions can vary greatly from state to state, city to city and neighborhood to neighborhood.

These are general numbers that show the overall condition of the current Northwest Albuquerque Real Estate Market. My purpose of posting these numbers is to show the current trends, not to suggest a sales price for any particular home.

To receive a complimentary market analysis for your property, email or call me with your home info including square feet, number of bedrooms and baths, etc, and I will get back to you with an approximate value.

Please call me on my cell at 505.750.1846 or at RE/MAX Elite at 505.798.1050 if you are looking for a Realtor who is familiar with Real Estate in Northwest Albuquerque or Rio Rancho.

NW Albuquerque Homes for Sale from $150,000 to $175,000
NW Albuquerque Homes for Sale from $175,000 to $200,000
NW Albuquerque Homes for Sale from $200,000 to $250,000
NW Albuquerque Homes for Sale from $250,000 to $300,000
NW Albuquerque Homes for Sale from $300,000 to $400,000

>>>President Signs Bill

President Obama signed the bill yesterday which extends the $8,000 first time home buyer tax credit. The bill also created a $6,500 tax credit for move up buyers who have owned their current residence for 5 years or more.

First time home buyers, or anyone who has not owned a home in three years, will have until April 30, 2010 to find their new home. They will then have to close within 60 days to receive the credit.

The same thing goes for current homeowners. Here are some details on the two programs.


>>>The Tax Credit's influence on this year's Albuquerque Real Estate Market

The first time home buyer tax credit has had an influence on the Albuquerque Real Estate Market, especially in the last 2 months as buyers rushed to cash in on the tax credit.

Here's a chart that compares 2008 and 2009 Home Sales in Albuquerque (resale homes only):

2008 data (red line) followed a more normal pattern with a peak in the summer months. 2009 data (blue line) shows the sharp increase in sales in September and October as the window of opportunity to cash in on the tax credit was closing.


>>>The Tax Credit's influence on this year's Rio Rancho Real Estate Market

Here's a chart that compares 2008 and 2009 Home Sales in Rio Rancho (resale homes only):


The blue represents the sharp increase in closed sales in July, September and October.


>>>Now's the time to Sell your home in Albuquerque or Rio Rancho

Why am I saying that? Two reasons:

• Sales are up. The stimulus is working
• When the stimulus is gone, sales will go down. When sales go down, prices will go down.

If you are thinking of selling you need to get your house listed soon. Right now the average number of days it takes to sell is 67 days in Albuquerque and 87 days in Rio Rancho. These numbers are likely to increase over the winter.

A window of opportunity has just reopened. Don't miss it!

>>>Contact Me Today

I know the real estate market. I can help you price your home correctly for today's market conditions. Don't delay, waiting to sell will cost you money!!!

If you need a CMA on your Albuquerque or Rio Rancho home, then contact me today.

------------------------------------------------------------------------------------------------------------------------------

9039 Seneca NW is now For Sale!


9309 Seneca NW is located in The Trails at Las Marcadas in Northwest Albuquerque. The Trails at Las Marcadas is a section of newer homes located in Las Marcadas subdivision.

Homes in the neighborhood were built in 2004-2007 by Kim Brooks Homes (now Summertree Homes).

9309 Seneca NW has 3066 square feet, 5 bedrooms, 2,5 baths and a 3 car garage. The home is listed for sale by Lisa Hebenstreit Realty.