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November 2008 Home Sales Report

For November there were 1,121 new detached residential listings that entered the market. This number is down 20.5% from last month, and down 18% from November of last year. New homes on the market tend to decrease in the winter months. Despite the decrease in new listings, the overall market inventory remains over 5,700, only 3.5 % lower than it was this time last year.

There were a combined 904 Pending and Closed Sales in the Greater Albuquerque market area for November 2008. This total is down from last month and the previous year. The Pending and Closed charts on pages three and four show this similiar drop has occured in the previous years as well; an indicator that home sales in our market don’t tend to increase until the beginning of the year.

With the high housing inventory and lower home prices, market conditions in the Greater Albuquerque market area tend to favor a buyer’s market. The Supply-Demand ratio on page nine shows the supply of current homes on the market exceeds the number of available home buyers. Lower home prices are another indicator of a buyer’s market and we see on page eight home sale prices are on the decline compared to last month and last year at this time.

Areas of stability do exist in our market. Pending and Closed sales in Rio Rancho have remained stable since October. Home sales prices there also remain close to the same levels they were in October and November 2007. Condo and townhome sales in the Greater Albuquerque market area sales continue to rise. Both October and November show increased sales figures for attached homes when compared to previous years at this time.

Cathy M. Olson, Chairman of the Board
505-263-7995 .(JavaScript must be enabled to view this email address)

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Comments (4)

Skip Adams wrote:
Rates are at historic lows but what good does it do if nobody can qualify?! The good news is that homes in the $100k-$200k price range are still moving. There is only a six month supply of new homes in this range according to SalesTraq New Mexico.

on Jan 06, 2009 at 4:38 pm

Jennifer Martin wrote:
This reconfirms the trend that buyers are looking for smaller more affordable homes. It is great news to see that sales are consistent through the end of the year. The large inventory and the low rates allow buyers to have the best of both worlds when buying. The added benefit of a tax credit up to $7500 is further incentive from the government to take advantage of this amazing time to buy. Call your favorite Realtor and take advantage of this wonderful time to purchase.

on Dec 19, 2008 at 6:39 pm

Jason Levine wrote:
The buyer frenzy has just started. Mortgage Rates have dropped again! There are a lot of amazing home bargains now. Albuquerque Fixer uppers and handyman specials often represent a good way to get a great deal on a home. As long as you are aware that these homes need work
Remember, there are also huge bargains in Bank Foreclosures and Distressed Homes
Happy Holiday's
Sincerely, Jason Levine

on Dec 11, 2008 at 2:56 pm

Christian A. Juarez wrote:
As this confirms what we have been telling buyers, this is the perfect storm, with prices readjusting and interest rates as low as they are, there is no better time to buy a home. In my personal opinion, if you are on the fence looking at the market to potentially buy a home, this is by far the best time to do so. Get with your REALTOR and go get the home of your dreams... this may be the best time to get going with a new house for the New Year! Happy Holydays to all!!!

on Dec 11, 2008 at 1:17 pm