DECEMBER 2009 MARKET REPORT
Real Estate Update with Cheryl Marlow
770 KKOB AM’s Residential Real Estate Specialist!
Overall in 2009 there were many improvements when compared to the previous year. We saw increased home sales and a steady climb towards a more stabilized market! In fact, The Greater Albuquerque Association of Realtors December report shows a 30% increase in sales from December of '08. If that doesn't give us a great reason to toast to the New Year, then I don't know what would! And, even better news is that we can begin to anticipate more positive improvements to pop up throughout 2010!
Now because of the fact that December is a holiday month, it typically dishes out a low number of sales when compared to other months of the year. Because of that, we have to look at long term improvements and appreciate the increases made from 2008! In December, there were 592 'SOLD' signs on properties across Albuquerque and its surrounding areas. That shows us that buyers were serious about finding homes and making these sales final at the closing table.
As expected, there were fewer homes on the market when compared to November. But the upside to having fewer homes on the market is that it made for less competition for sellers and also gave them the perfect opportunity for their homes to really stand out to buyers and help to boost sales.
Once again, the extended tax credit seemed to impact the real estate market. As far as price ranges go, we continue to see the popular selling prices to be below the 250 mark proving the credit is once again going to be a huge influence on Albuquerque real estate! Unfortunately, the upper end is still suffering a bit. Out of 592 homes sold, 26 of those sold were priced above $500,000. That's only 4% of the total sales! With the tax credit now available of $6500 for repeat home buyers and $8000 for first time buyers creating activity, we can hope to see a domino effect of sales that will extend its reach into the upper ranges.
Considering the year in its entirety, I would like to think of our predictions as a weather forecast! You know how you watch the news and the weatherman says its going to be a bright sunny day and it ends up snowing? Well, that's exactly how we have to look at all forecasts, including real estate ones. Considering the increased numbers in many areas, I truly believe that we will continue that positive momentum! But, we also have to remember that there are always inevitable bumps in the road. So, let's look at it as 'Sunny with a chance of rain' and just hope for the best for 2010 and more positive monthly reports to come!
Cheryl Marlow
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