Prices of Distressed Properties for Sale and Houses Up in Albuquerque
The selling prices of residential properties, including distressed properties for sale, improved in Albuquerque, New Mexico, in 2010 compared with 2009 levels. According to the Greater Albuquerque Association of Realtors, last year was the first time that the average selling price of single family dwellings had risen since 2007.
Prices of single family dwellings, including homes sold at Albuquerque home auctions, increased by 0.62% last year compared with 2009 levels. A total of 16 local markets in the metro region posted higher selling prices last year when compared with year-ago levels. Within the boundaries of the city of Albuquerque, 18 local markets or Multiple Listing Services (MLS) posted an annual increase in the number of housing units sold.
Meanwhile, selling prices of single family residences outside the city of Albuquerque, including those offered at foreclosure auctions in New Mexico, also improved in several metro area MLS in terms of year-over-year changes. These areas include Placitas, Corrales, and Rio Rancho. In terms of housing units sold in 2010, the metro area recorded a total of 7,484 for the full year, representing a 5.6% decline from figures recorded in 2009.
Despite the decline in home sales, including among distressed properties for sale, realtors are optimistic that the residential property market is moving in the right direction. This is supported by figures related to the length of time that residences stay in the market before they get sold. Last year, 36% of all residential properties sold in the region were purchased just a month after they got listed.
Realtors reported that the 30-day period is almost half of the usual time that foreclosure auctions for sale and other residential properties remain unsold in Albuquerque during the period of 2007-2009. They stated that the shorter time spent by dwellings in the market shows that buyers are gaining confidence and more purchase activities will be likely to happen in the coming months.
Although distressed properties for sale and foreclosures remain a major concern for the city's housing industry, Albuquerque is still doing better than other major metro area markets in the U.S. Analysts are highly optimistic that improvements in the sector will continue in 2011, particularly in the area of housing sales and average selling prices.
Related Posts:
- Regular Sales and Foreclosure Short Sales Down in Massachusetts
- Online Miami Home Auctions for Sale Making Prices Attractive
- Massachusetts Posts Strong Foreclosed Homes Listings Sales in 2010
- Vandalism Prevalent Among Empty Foreclosed Bank Homes for Sale
- Some Residents Unable to Afford Houses and Distressed Apartments for Sale
