Everything in the ABQ metro housing market area was down except for…PRICE! For SFH (single family homes) the median home sale price of $183K edged upward by 1.7% over last years $179,900 and showed hardly any change from August, when the median was $182,500. New listing fell, closing sales and pending sales took a tumble, and even the average number of days homes stayed on the market declined when compared with both August and year-ago numbers.
Were going into a time that is traditionally slower due to the Holidays approaching and the seasonal lull. There were 1,319 new listings in September, down 4 percent from 2009 when there were 1,375 new listings, and down 11 percent from August, which had 1,480 homes added to the market. Pending sales, which numbered 657 last month, tumbled almost 29 percent from last year’s 923 and 14.5 percent from August, which had seen 768 homes enter purchase agreements.
Closings also took a nose dive. There were 479 in September, compared wit 661 last year-a 27.5 percent drop. August had 511. The number of days the average home took to sell was 74. It took 76 days last year and 77 in August. There are pockets in certain areas that are not seeing the same type of dips and sale stagnancy. Northeast Heights, Bernalillo, Placitas, and the North Valley to name a few. Most homes were sold in the $200,000-$250,000 range in September. For this, you can get alot of home no matter where you’re looking.
The market slow down is expected to continue through the fall and winter months. Bottom line, is if you’re in the market for a home, be sure to get all the details, be patient, and get to know your realtor and/or agent. Build a relationship. This, in the long run will help you more than you will ever know!