June 2010 Market Report
Real Estate Update with Cheryl Marlow
770 KKOB AM’s Residential Real Estate Specialist!
The Greater Albuquerque Association of Realtors recently released the June Market Report and we are back to good news, bad news. One of the highlights of the report was that sales in June were up over 11% from last year! Unfortunately the pending sales are down from last June, however we expected that with the tax credit ending. The closings are still reflecting that incentive, the pendings are now forced to stand on their own in today’s market place.
The $200,000 to $249,000 price range saw the most activity. The month of June showed 115 sales within that price range. That was the highest in any range and really has been the story in previous months! The Greater Albuquerque market is seeing an average sales price of about $220,000.
Obviously the affordable price range is continually seeing the most activity. There were 30 sales in the upper end which is considered to be homes priced over $500,000. That’s just about 4% of the total sales in June telling us that activity in the upper end has been steady but still much slower than other price ranges.
Right now, the Northeast Heights and Rio Rancho seem to be the place to buy. We continue to see the most activity in these two areas month after month.
Right now is a great time to buy! With 30 year fixed rates below 5%, it’s a good time to buy for anyone. But it’s especially a great time to sell your home and buy a more expensive home. You may not receive as high of a sales price as you would like for your home, however you will be able to find a good value on the home you want to purchase, and you will save money with today’s low interest rates.
For sellers, you’re going to find motivated buyers that are ready to make a purchase, but keep in mind what I said a couple of weeks ago. You have to be competitively priced and willing to make your home show ready because we are still in a Price War and Beauty Contest. And my job as a realtor is to help make sure that your home stands out favorably amidst the competition, so we can place a sold sign and you can start packing!
Cheryl Marlow
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