Ups & Downs: Quarterly Sales Data Varies (cont)
There was a lot of variation in the local market sales data for single-family homes between the 1st and 2nd quarters of 2009. For example, average sale prices in northeast Albuquerque increased in the 2nd quarter by 7%, while they decreased by 5% in southwest Albuquerque. Read on if you’d like to see a chart showing average sale price changes for Albuquerque areas and nearby cities.
| Number of Sales | List Prices | Sales Prices | |||||||
| Area | 1st Qtr | 2nd Qtr | Delta | 1st Qtr | 2nd Qtr | Delta | 1st Qtr | 2nd Qtr | Delta |
| NE ABQ | 330 | 557 | 69% | $257,555 | $272,695 | 6% | $244,992 | $261,211 | 7% |
| NW ABQ | 303 | 416 | 37% | $210,746 | $212,691 | 1% | $203,465 | $204,783 | 1% |
| SE ABQ | 52 | 52 | 0% | $234,954 | $232,713 | -1% | $220,696 | $220,669 | 0% |
| SW ABQ | 134 | 169 | 26% | $135,303 | $127,845 | -6% | $131,120 | $124,150 | -5% |
| Downtown ABQ | 13 | 31 | 138% | $199,008 | $194,706 | -2% | $191,239 | $183,682 | -4% |
| Rio Rancho | 194 | 309 | 59% | $230,963 | $199,464 | -14% | $222,180 | $192,709 | -13% |
| Corrales | 6 | 17 | 183% | $477,967 | $458,094 | -4% | $440,817 | $416,347 | -6% |
| Placitas | 14 | 8 | -43% | $449,020 | $464,736 | 4% | $429,248 | $432,562 | 1% |
| Data reflects single-family detached homes only. Data obtained from the SW MLS for the period of 1/1/09 through 6/30/09. Data is presumed to be reliable but is not guaranteed. | |||||||||
NE ABQ home sale prices remained strong. NW and SE ABQ held on. SW ABQ and the downtown area lost some ground. Overall, the ABQ market showed just a 0.2% decrease.
There is no data yet available to see how this compares with the national average. However, according to the National Associate of REALTORS, national median home prices dropped by 13.8% in the 1st quarter of ‘09 as compared to the 4th quarter of ‘08. And since there has not been any huge increase in home sale prices nationally, my guess is that the Albuquerque area market faired extreemly well by comparison.
As for nearby cities, average sale prices in Rio Rancho and Corrales dropped some in the 2nd quarter, while Placitas remained about even.
Keep in mind that this data is for large geographic areas, each with their own individual ’sub-areas’ and neighborhoods. The overall averages for an area may not at all reflect the situation in any one small area within in. A great example of this is that, while average NE ABQ prices overall rose 7%, the Northeast Heights area rose by just 2% (still good!).
And also keep in mind that Forbes predicts that the Albuquerque area will be the number 1 recovery market in the nation starting late this year and early next year!
This data will be updated for you quarterly…