Real Estate Sales Up in October!

October 2011 appears to have been a strong month for real estate sales in Albuquerque and Rio Rancho based on preliminary numbers pulled from the Greater Albuquerque Association of Realtors (GAAR).

Albuquerque Home Sales

Total home sales were up while REO (foreclosure or bank owned) sales were down.
Short sales were up.

Total home sales increased from 369 homes sold in October 2010 to 404 in October 2011, about a 10% increase. 15% of the homes sold in Albuquerque were foreclosure homes or REO sales, down 4%  from last October; short sales increased 5% from last October. Sales numbers were down slightly from September, which is normal for this time of year.

Rio Rancho Home Sales

Preliminary Rio Rancho home sales numbers were even more promising, increasing closer to 15%. Similar to Albuquerque, foreclosure sales were down and short sales were up.

Home sales were up approximately 15% year-over-year, the percentage of Rio Rancho foreclosure houses sold or REO sales was down about 4% and short sales increased about 5%.  Total sales in October were up from last month by about 5%, which is unusual for this time of year.

Take Aways

• Sales were strong in both Albuquerque and Rio Rancho
• Foreclosure sales are down slightly
• Short sales are up slightly (we need to move these homes!)

All very positive things for the Albuquerque Real Estate Market!

This post was written by Rich Cederberg, real estate broker in Albuquerque. (505) 803-5012.
RE/MAX Finest (505) 792-2255

These statistics were compiled from the Greater Albuquerque Association of REALTORS®data on 11/01/2011. This data is reflective of homes which were listed on the Albuquerque MLS; private sales are not included. These stats are based on preliminary data and are subject to change.