Sales Down In December 2014 Rio Rancho NM
Sales Down In December 2014 Rio Rancho NM
Like most of the year in 2014, December brings all bad news for the Rio Rancho housing market.
Sales of homes in Rio Rancho declined by 9.85% in December 2014 to 119 homes sold compared to 132 homes sold in December 2013.
The median sales price of Rio Rancho homes declined by 6.87%% in December 2014 compared to December 2013. The median home sales price was $182,744 in December 2014 compared to $199,767 in December 2013.
The average sales price of Rio Rancho homes declined by 8.52% to $182,744 in December 2014 compared to $199,767 in December 2013.
There was some good news in December 2014, the number of new listings was down 15.57% compared to December 2013. You may ask why this is good news? Well if the inventory starts to decline it means less homes on the market.
The number of Rio Rancho homes that went into pending (a contract was agreed to but has not closed) was down 15.04% in December 2014 compared to December 2013. The number of homes that went into pending was 113 in December 2014 compared to 133 in December 2013. This means there will be less than 113 homes sold in January 2015.
What does all this stuff mean. It means home buyers are in the drivers seat. Too much inventory and not as many buyers means good deals for buyers. Are you selling a home in Rio Rancho? You need to be aware of the "real" price your home will sell for. Price your home competitively or watch it sit on the market for a long time.
Not all foreclosed homes are good deals, however, foreclosed homes are a good place to start when searching for rentals or flips.
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