What Does the Market Look Like Right Now?



The latest numbers are in for Rio Rancho. Here’s what they say about our market.

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Today we’re going to take a quick look at the Albuquerque real estate market, specifically the Rio Rancho area. We’ve got some interesting trends and important statistics to share, so let’s start with vacant land sales.

As you can see in the graph above, they have been relatively slow. Back in 2006, we were really busy with more than 700 sales, but it’s been pretty flat over the last few years. I don’t see that changing, unfortunately. There are a lot of lots for sale in Rio Rancho right now and frankly, there isn’t much demand for them.

Now let’s jump into homes sales. We had 2,165 single-family home sales in December. That’s the most we’ve had in a long time, going all the way back to 2007.

Another thing I wanted to discuss is the month’s supply of inventory. It’s a figure that measures how many homes are on the market and how many are selling each month. We had just a 2.6-month supply in December, and that dropped to 2.4 months in January. That’s the lowest level we’ve seen since 2006.
We haven’t seen these numbers in 10 years.
The average price per square foot also gives us a good idea of where prices are going. As you can see, it was flat for quite a few years, but we have some positive movement now. In fact, we are up 7% over the last year alone. In the Albuquerque market overall, it looks like we are going to end up somewhere around 4% appreciation for 2016. That's a healthy, sustainable level.

This is just a quick snapshot of the market. If you have any questions about your specific area or neighborhood, I have plenty of information I can dig through to get you the latest numbers in your neck of the woods to help you make better decisions in the market. If you have any questions, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.