Thursday, January 29, 2009

Real Estate: Year End Numbers

Metro Albuquerque residential real estate sales during 2008 were down a quarter from 2007, reports the Greater Albuquerque Association of Realtors. The figures cover single family detached homes, condos and townhouses. The 7,644 homes sold figure was the lowest since 2000 when 6,740 homes were sold. Annual sales peaked in 2005 with 13,448 homes.
The listing inventory—the number of homes offered for sale—peaked in July at 7,082 and has fallen steadily, if slowly, ever since. Falling inventory during the second half of the year is the usual pattern. The past two years were exceptions as the inventory peaked in September. The 2008 difference is that the inventory was below 2007 levels for the final three months of the year. This suggests that the inventory will eventually fall to more reasonable levels.
The average price for a single family detached metro home was $232,626 during 2008. The average was $10,463, or 4.3%, below 2007. The good news here is that the price drop is so small. The 2008 average price is about $4,000 above the 2006 average.
For condos and townhouses, prices increased during 2008. The $162,783 condo / townhouse average was up about $1,500 from 2007 while the median price, $154,000, increased $5,000.
Neighborhood price behavior varied widely as usual. Neighborhoods with significant numbers of sales of single family detached homes where prices increased were the Southeast Heights, Downtown, Corrales, Bernalillo / Algodones and the East Mountains.
The Valley Farms area had the largest percentage drop at 15.2%. Rio Rancho North followed at 12.2%
One neighborhood even increased number of sales. Rio Rancho South had 198 sales during 2008, one more than in 2007.

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