Sales of Bank and Government Home Foreclosures Rise in Albuquerque

Sales of government home foreclosures and existing residential properties in general were up in Albuquerque, New Mexico, last month. Sales data for the January 2011 period showed an improvement when compared with January 2010. However, median and average sales prices both declined over the same period.

The total number of existing dwellings that were sold last month, including Albuquerque foreclosure homes, reached 363, up by 4% from January 2010, according to data issued by the Greater Albuquerque Association of Realtors. Pending sales reached a total of 693 for the month, representing a 6% decline when compared with the first month of 2010. Despite the decline, realtors see it as a positive development since the figure represents the strongest monthly total for pending sales transactions since August of last year.

According to area realtors, January is usually a slow time for home sellers, with majority of buyers preferring to conduct transactions during spring. However, the year started with positive news as sales of existing houses as well as those in Alabama and even New Mexico foreclosure listings were up along with the equivalent dollar amount for the properties sold.

January sales of government home foreclosures and other existing houses had a total equivalent dollar amount of $78.3 million, representing a 1% increase from the dollar worth posted in January 2010. However, prices dropped last month in both the average and median categories compared with one year ago.

The average price of houses sold during January 2011, including non-foreclosed and properties under foreclosed home listing, was pegged at $201,239, representing a drop of 2% compared with January 2010. In terms of median price, or the rate between the highest selling price and the lowest selling price, a decline of less than 1% was recorded last month compared with the same 2010 period. The median selling price of houses sold in the metro area was pegged at $172,000 in January 2011.

Realtors stated that the rise in government home foreclosures and all other existing home sales portends a brighter 2011 for Albuquerque's housing market. Although the metro area is still far from a housing industry recovery, realtors stated that the market will likely improve further in the coming months as buyers gain more confidence and more sales transactions are closed in the region.