The number of November pending home sales in Rio Rancho remained exactly the same as a year ago (121) while the number of closed sales on homes dropped 17 percent during the same time period, according to information released Monday by the Greater Albuquerque Association of Realtors or GAAR. In addition, the association reported the average price of a Rio Rancho home sold in November ($172,107) dropped by 9.7 percent from $188,785 in October.
But that average price in November was up 3.76 percent from a year ago when the average price was $165,864.
There were 78 detached-home sale closures in Rio Rancho in November compared to 105 in October and 95 a year ago. There were also 164 new listings, compared to 194 in October and 154 in November 2011.
The total number of homes on the market in Rio Rancho has stayed at a relatively constant number in November, compared to the prior month and last year. There were 629 homes on the active sales list in November, compared to 615 in October and 624 in November 2011.
The good news for sellers is that homes aren’t staying on the market as long. A year ago, homes were on the market for an average of 92 days. That time period has shrunk by more than a month to 53 in November — even less time than in October (63 days).
“People have lived with uncertainty for the past few years, which caused them to delay their decision to buy or sell,” said Marc Guggino, president of GAAR. “The numbers indicate that the market is settling into a more stable environment and that those buy/sell decisions are being made.”
Figures for the City of Albuquerque indicate closed sales were up 21 percent in November while the average sales price also rose by 4.5 percent in November over October and 7.12 percent over 2011.
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