Rio Rancho, NM

Builder Michael Sivage has returned to the Albuquerque/Rio Rancho Real Estate market with Sivage Homes at High Range. If you know Northwest Albuquerque Real Estate, then you'll recognize the Sivage name as part of the Sivage Thomas brand that was so popular in the 1990's and into the 2000's in popular neighborhoods like Richland Hills, Congress Heights, Shenandoah, Parkway and Ventana Ranch.

Sivage Thomas homes built their reputation on building elegant homes using quality construction. In the early 2000's Sivage Thomas was bought by Pulte homes and disappeared from the local market. Several years later Michael Sivage came back and began building luxury custom homes in northern Rio Rancho at Mariposa.

What's so exciting about Sivage Homes at High Range is not only are the homes beautiful and well built, they are very affordable too. In fact, they are some of the most affordable homes for sale in Rio Rancho. Home prices start in the upper 140's for the 1160 square feet 3 bedroom homes. They build larger homes too, up to 2300 square feet for under $200,000.

Energy efficiency is as important as ever these days, and Sivage Homes are Energy Star Certified. Blown-in insulation is used, plus all the homes are refrigerated air and have 95% energy efficient gas furnaces. Another nice feature is the in wall pest defense system.

I make a point of staying current with Rio Rancho Home Builders inventory and the buyer incentives they offer, so feel free to contact me for more information about Sivage or any other builders. Contact me at Rich@BeautifulNMhomes.com.

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Enchanted Hills is located in northern Rio Rancho. The neighborhood is west of NM 528 and south of US 550.

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Let's start with a look at the overall market in the area over the last 30 days.

As you can see from the graphic to the left the number of closed sales over the last 30 days was very low. 6 to be exact.

However, the number of pending sales is quite high. This suggest two possible things. First that the market is picking up, or second, that there are a lot of short sales in pending status that are not making it to closing.

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A closer look at the curent pending sales shows that most of the transactions are regular homes, and that short sales and REO's (bank owner properties) make up only a small percentage of the pending sales.

This indicate a reasonaly healthy market without much forclosure activity.

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Short sale and REO's make up only a small percentage of the homes currently for sale.

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There were not many closed sales over the last 30 days in Enchanted Hills.

However, the transactions that did close were mostly regular sales, with a slightly higher percentage of short sales but with no REO sales.

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Although the number of closed sale seemed low in September, it was an increase over the last two years.

The peak of sales was in September of 2006.

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The average sales price continues to decline.

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Average days on the market has continued to increase significantly.

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Average Sales Price/List Price Ratio continues to decline.

This means the average amount that sellers are negotiating off of price is 4%.

It's crucial to understand market conditions when you are planning to buy or sell. You should work with a Realtor who understand and can help you interpret these numbers.

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View my latest Rio Rancho Real Estate Report

View my latest Albuquerque Real Estate Report

Here's my latest Rio Rancho Real Estate Report for September 2009.

There is some good news to report this month! Year -to-date (YTD) Closed sales in Rio Rancho were up 14.89%.

Pending Sales were also up 22.31% in September which bodes well for October Closings.

Active Listings

The number of Rio Rancho homes for sale in September 2009 decreased 22% since September 2008.

The number of townhomes and condos on the market is too small to report.

The decrease in inventory is a result of fewer new listings hitting the market combined with an increase in closed sales. Supply and demand is beginning to rebalance.

New Listings

The number of new listings in September was down 17% year to date.

New listings of single family homes continue their decline as more Rio Rancho homes have sold and as sellers who have the option of moving or not are choosing to sit tight.

Pending Sales

The number of pending sales increased 22%, a dramatic increase in the number of houses under contract but not yet closed.

This is the fourth consecutive month the market has experinced a large increase in pending sales.

Closed Sales

Closed sales were up 15% year to date!

This is the ***third consecutive monthly increase*** we've seen in the number of closed sales in a year!

I expect to see a continued increase in closings continuing into October and November as first time homebuyers take advantage of the $8,000 tax credit.

The Rio Rancho Real Estate Market continues to be very strong when compared to other cities in the U.S, and stronger than the Albuquerque Real Estate Market.

As the end to the $8,000 first time homebuyers tax credit nears expiration, I expect to see an increase in sales until December 1st. Expiration of the tax credit could have a dramatic effect on the market, and could lead to a very slow winter. There has been at least one bill introduced in congress to extend and possibly expand the first time homebuyer tax credit, but nothing is certain yet.

Albuquerque Real Estate Report for September 2009

Rio Rancho Real Estate Report for August 2009

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.

Looking for Rio Rancho Homes for Sale Under $150,000? There are many nice houses available for not a lot of money in Rio Rancho, many on oversize lots.

Are you interested in a new neighborhoods with affordable homes? You might want to consider Northern Meadows or Enchanted Hills.

Northern Meadows is located to the west of Unser Blvd. and to the North of Northern Blvd. Northern Meadows is an up and coming development near the new City Center. Here yo'll find the Santa Ana Event Center, the Rio Rancho City Offices and the New Sue Cleveland High School. HP will be opening a customer service center near there too and The University of New mexico

Another great area to find Rio Rancho Homes for Sale Under $150,000 is Enchanted Hills which is further north, located near the intersection of NM 550 and NM 528. Many residents of Enchanted Hills work in Santa Fe, which is about 40 minutes away. Hilton'sTamaya Resort and Spa and the Santa Ana Star Casino are nearby. So is the charming town of Bernalillo which has a stop for the New Mexico Railrunner Passenger train for easy commuting to Santa Fe or downtown Albuquerque. There is a newer Walmart, a Home Depot and a Sprint call center located nearby.

The older neighborhoods are located further south along Southern Blvd. Here you can find affordable homes on 1/4 acre and 1/2 acre lots in well established neighborhoods with an easier commute to downtown Albuquerque.

For more information about Rio Rancho Neighorhoods contact me.

Click here to view Rio Rancho Homes for Sale Under $150,000.

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