Showing posts with label New Mexico. Show all posts
Showing posts with label New Mexico. Show all posts
Tuesday, July 27, 2010
New Mexico 2nd qtr. and June Home Sales Trends Posted
The number of reported single-family home sales in New Mexico was 17.5 percent higher than the number of sales in second quarter 2009. June saw 1,439 sales, a 9.1 percent increase from June 2009, and a 2.1 increase from June 2008. Median prices for the second quarter were 3 percent higher than those reported for the first quarter of 2010. The June median price of $179,000 is equal to the median price reported for June 2009, but just over 8 percent lower than the $194,700 median of June 2008. For complete report, click here. NAR report indicates nationally sales are slow but remain above last year. Read more.
Sunday, May 2, 2010
New Mexico March Housing Trend Stats Posted
U.S. House Stats New Mexico March and 2010 First Quarter reports have been posted on nmrealtor.com. The number of single-family home sales in New Mexico in March increased 21.5% from March 2009. The median sales price of a New Mexico home during March 2010 was $171,000. The March median sales price is .6% higher than February’s median of $169,950.
Tuesday, April 6, 2010
New Mexico February Housing Trend Stats
The number of sales is higher for February 2010 from both January 2010 and February 2009, however the median price has dropped to $170,000... Read reports here > nmrealtor.com
Friday, April 2, 2010
Absorption Rates for Greater Albuquerque market areas
This article utilizes Absorption Rate, a key market indicator found in the Monthly Market Reports, to highlight existing single-family housing conditions in the Greater Albuquerque market areas. The data used for this Number Crunch article will be for single family, detached homes that are for sale now and for listings that were reported sold in the last year.
Definition of Terms:
Absorption Rate (AR) – The absorption rate measures how long it will take to exhaust the current housing inventory. An average market is traditionally a six-month supply. The rate is refered to as MSI, Monthly Supply of Inventory.
How SWMLS calculates the Absorption rate:
The absorption rate calculation is the number of active listings divided by the monthly sales average. An example explaining how January’s 7.99 AR was calculated follows.
We’ll start with the Active listings. There were 4,766 Active detached listings for January. This number was obtained from a Feburary 5th data pull. Active listing counts for monthly reports are typically obtained on the 5th day of the following month.
Now for the monthly sales average. In order to determine this average, we need to look at 12 months worth of monthly homes sales, that's 12 sales values divided by 12. The January 2010 sales average was 596.17. Another way of saying it is from January 2009 to January 2010 an average of 596.17 homes sold each month in the Greater ABQ Market. The monthly sales average has been between 573 and 600 for the last twelve months.
The calculation for the January absorption rate is going to be 4,766 / 596.17. It will take 7.99 months to exhaust the current supply of homes for sale.
The absorption rate for detached homes, since May 2008, has stayed between 7.2 and 9.2. A traditional market is considered to have a 6.0 absorption rate.
Here is a breakdown of all Active listings for sale SWMLS Areas and they're corresponding Absorption Rates. (as of February 22, 2010)
Absorption Rate (AR) – The absorption rate measures how long it will take to exhaust the current housing inventory. An average market is traditionally a six-month supply. The rate is refered to as MSI, Monthly Supply of Inventory.
How SWMLS calculates the Absorption rate:
The absorption rate calculation is the number of active listings divided by the monthly sales average. An example explaining how January’s 7.99 AR was calculated follows.
We’ll start with the Active listings. There were 4,766 Active detached listings for January. This number was obtained from a Feburary 5th data pull. Active listing counts for monthly reports are typically obtained on the 5th day of the following month.
Now for the monthly sales average. In order to determine this average, we need to look at 12 months worth of monthly homes sales, that's 12 sales values divided by 12. The January 2010 sales average was 596.17. Another way of saying it is from January 2009 to January 2010 an average of 596.17 homes sold each month in the Greater ABQ Market. The monthly sales average has been between 573 and 600 for the last twelve months.
The calculation for the January absorption rate is going to be 4,766 / 596.17. It will take 7.99 months to exhaust the current supply of homes for sale.
The absorption rate for detached homes, since May 2008, has stayed between 7.2 and 9.2. A traditional market is considered to have a 6.0 absorption rate.
Here is a breakdown of all Active listings for sale SWMLS Areas and they're corresponding Absorption Rates. (as of February 22, 2010)
MLS Areas for Bernailillo County and Corrales
* N/A for Area 112 due to no sales.
**For the Bernalillo County areas the highest AR is in Area 80. This area has averaged around 10 sales a month in the last year (Average MLS area sales are 15) and has an inventory of 180 homes (Average MLS area Active listings is 126).
MLS Areas for East Mountains and Estancia Basin
*Areas 231 and 271 show a skewed number, with values over 100 for the months supply of inventory. These values are high due to low sales and a small Active inventory.
*N/A for Area 690 due to no sales.
Vacant Land for sale in Greater Albuquerque
All SWMLS Areas
Active land listings as of March 16, 2010: 5,481
Average lot size of all active Land listings: 28.97 Acres
Vacant land listings under contract as of March 16, 2010: 63
# of vacant land Listings reported sold in last 30 days: 28
# of vacant land Listings reported sold in last 90 days: 111
Median Sale Price of Vacant Land listing sold in last 90 days: $34,000
Average Sale Price of Vacant Land listing sold in last 90 days: $49,957
Where vacant land properties are listed for sale.
The designated SWMLS Areas represent the different cities, towns, and counties in the Greater Albuquerque market.
Average lot size of all active Land listings: 28.97 Acres
Vacant land listings under contract as of March 16, 2010: 63
# of vacant land Listings reported sold in last 30 days: 28
# of vacant land Listings reported sold in last 90 days: 111
Median Sale Price of Vacant Land listing sold in last 90 days: $34,000
Average Sale Price of Vacant Land listing sold in last 90 days: $49,957
Where vacant land properties are listed for sale.
The designated SWMLS Areas represent the different cities, towns, and counties in the Greater Albuquerque market.
Although the SWMLS monthly market reports do not include vacant land data, these types of listings are present in the Southwest MLS, making up roughly 46% of the MLS active inventory. Residential properties make up 49%. Most of the vacant land properties can be found in Rio Rancho, Valencia County and the Zuzax/Tijeras areas.
Source: Southwest MLS, Inc. Information deemed reliable not guaranteed.
Source: Southwest MLS, Inc. Information deemed reliable not guaranteed.
Tuesday, February 16, 2010
Best Retirement Cities Includes New Mexico
Las Cruces and Santa Fe are among AARP report listing popular spots for new retirees. Read more >
Thursday, February 11, 2010
January 2010 NM Market Report
Monthly Highlights
• January is the fifth consecutive month where closed sales have increased over the same month in the previous year.
• January saw 349 single-family detached home sales, up 7.72 percent from January 2009.
• Pending sales for single-family detached homes are up 29.60 percent from the previous year and
increased 55.46 percent from the previous month.
Read the full January 2010 Market Report
• January is the fifth consecutive month where closed sales have increased over the same month in the previous year.
• January saw 349 single-family detached home sales, up 7.72 percent from January 2009.
• Pending sales for single-family detached homes are up 29.60 percent from the previous year and
increased 55.46 percent from the previous month.
Read the full January 2010 Market Report
4th Qtr Home Sales Surge in Most States, including New Mexico!
Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors ® .
Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.
Continue reading
Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.
Continue reading
Tuesday, January 26, 2010
Wednesday, October 28, 2009
New Mexico 3rd Quarter Housing Stats
RANM's Housing Trends (provided by those Member Boards and Multiple Listing Services sending information to U.S. House Stats) indicate an 11.6% increase in number of units sold statewide from Second Quarter 2009 to Third Quarter 2009. The biggest increase in activity was reported in Rio Arriba, San Miguel and Luna Counties. The 3rd Quarter New Mexico median price was $180,000.
Tuesday, September 15, 2009
Tuesday, February 10, 2009
January 2009 Monthly Sales Report
Here is the January 2009 Monthly Sales report for the Southwest MLS Market Area.
Read the full January 2009 Monthly Sales Report
Read the full January 2009 Monthly Sales Report
Tuesday, November 18, 2008
New Mexico Deeds of Trust
New Mexico officially became a Deeds of Trust State...
Click here for summary of differences.
Click here for summary of differences.
Friday, October 31, 2008
Tuesday, October 28, 2008
$2,000 Property Tax Exemption
In these challenging financial times, don't forget that every household in New Mexico is eligible for a $2,000 head-of-family exemption off the value of your home for property tax purposes, BUT YOU MUST ASK FOR IT.
Call your County Assessor’s office to request the exemption.
Call your County Assessor’s office to request the exemption.
Saturday, August 9, 2008
2nd Quarter NM Homes Sales
Statewide the number of homes sold is down nearly 28% from 2nd quarter 2007, however, both average and median prices are up from last year. Click here for complete 2nd quarter statistics.
Entry for August 7, 2008
How the New First-Time Buyer Tax Credit Works
Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit. Find out if your buyers qualify. Read more >
Little-Known Loans for Buyers
Federally-sponsored mortgage programs can help borrowers with stable jobs, but no savings. Read more >
Fed Issues Rules to Prevent Abusive Lending
The Federal Reserve has adopted rules to prevent unfair or deceptive practices by lenders and to protect home buyers from the kind of loans that drove many into foreclosure. The new rules apply to all lenders and not just to banks supervised by the Fed. Some of the new rules require lenders to escrow money to pay taxes and insurance for risky borrowers, document borrower's income before a loan is issued, limit and-in some cases-ban prepayment penalties, prohibit lenders from making a loan without considering a borrower's ability to repay a home loan from sources other than the home's value, and require mortgage advertising to contain information about rates, monthly payments, and other features of the loan. Most of the rules are expected to take effect Oct.1, 2009. Escrow requirements won't go into effect until April 1, 2010. The rules do not apply to home equity lines of credit, construction loans, bridge loans, or reverse mortgage loans.
Entry for August 1, 2008
Great News!!
President Bush just signed into law the Housing and Economic Recovery Act of 2008. This is a major victory for REALTORS®, consumers, and our nation. Homebuyers will soon have access to more affordable financing, and first-time homebuyers (those who have not owned a home for three years) will receive a tax-credit to help them enter the market. For more details on all of the provisions in the new law, please use the link below. http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument
Entry for July 29, 2008
Existing Home Sales Drop Nationally
NAR reports single-family, townhome and condo purchases fell 2.6 percent in June and are down more than 15 percent from the same period last year. Read more >
Foreclosure Activity Continues to Rise
According to RealtyTrac's Q2 2008 U.S. Foreclosure Market Report, New Mexico ranked among the bottom half of the states for its second quarter filings. The report defines foreclosure filings as default notices, auction sale notices and bank repossessions. New Mexico ranked No. 37 among the 50 states, with 1,150 total filings, which is a 2.7 percent decrease from the previous quarter but a 60 percent increase over the second quarter 2007.
FHA Adds Enhancements to FHASecure Initiative
The Federal Housing Administration recently implemented NAR-backed enhancements to the FHASecure Initiative which will give FHA flexibility to insure mortgages for borrowers who were late on some payments or received a principal write-down from their lender. FHASecure gives home owners with non-FHA adjustable rate mortgages the ability to refinance into a FHA-insured mortgage. With the new FHASecure criteria, lenders may voluntarily write down the outstanding subprime mortgage principal balances to a 97 percent or 90 percent LTV ratio depending on the borrowers' circumstances. FHA will also encourage lenders to make other arrangements, such as subordinate financing, to fill the gap between the existing loan balances and the FHA-insurable loan amount. The refinanced loan amount backed by the FHA would be based upon a new appraisal, performed by an FHA-approved appraiser. In February, NAR had sent a letter to the Secretary of Housing and Urban Development recommending many of these enhancements. Questions? Contact Jerome Nagy, 202-383-1233 Entry for July 29, 2008 FHA/GSE Legislation Passes On Monday, the U.S. Senate passed a final bill on FHA and GSE that NAR had long fought for, after deliberations and negotiations for the past few weeks. The House passed the identical bill on Wednesday, July 23. For more information, read the bill summary. The President has said he will sign the legislation into law. This bi-partisan legislation, NAR believes, will aid in calming mortgage markets, strengthen housing markets, and stabilizing our economy. The new loan limits are now set at $625,500 for the GSEs and FHA, as well as a $7,500 home ownership tax credit. The legislation also includes broad GSE Reform, FHA Reform, development of a National Affordable Housing Trust Fund, and creates a new FHA program to help homeowners at risk for foreclosure.
(c) 2008, REALTORS® Association of New Mexico. All rights reserved.2201 Brothers Road, Santa Fe, New Mexico 87505 800-224-2282 Fax: 505-983-8809
Statewide the number of homes sold is down nearly 28% from 2nd quarter 2007, however, both average and median prices are up from last year. Click here for complete 2nd quarter statistics.
Entry for August 7, 2008
How the New First-Time Buyer Tax Credit Works
Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit. Find out if your buyers qualify. Read more >
Little-Known Loans for Buyers
Federally-sponsored mortgage programs can help borrowers with stable jobs, but no savings. Read more >
Fed Issues Rules to Prevent Abusive Lending
The Federal Reserve has adopted rules to prevent unfair or deceptive practices by lenders and to protect home buyers from the kind of loans that drove many into foreclosure. The new rules apply to all lenders and not just to banks supervised by the Fed. Some of the new rules require lenders to escrow money to pay taxes and insurance for risky borrowers, document borrower's income before a loan is issued, limit and-in some cases-ban prepayment penalties, prohibit lenders from making a loan without considering a borrower's ability to repay a home loan from sources other than the home's value, and require mortgage advertising to contain information about rates, monthly payments, and other features of the loan. Most of the rules are expected to take effect Oct.1, 2009. Escrow requirements won't go into effect until April 1, 2010. The rules do not apply to home equity lines of credit, construction loans, bridge loans, or reverse mortgage loans.
Entry for August 1, 2008
Great News!!
President Bush just signed into law the Housing and Economic Recovery Act of 2008. This is a major victory for REALTORS®, consumers, and our nation. Homebuyers will soon have access to more affordable financing, and first-time homebuyers (those who have not owned a home for three years) will receive a tax-credit to help them enter the market. For more details on all of the provisions in the new law, please use the link below. http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument
Entry for July 29, 2008
Existing Home Sales Drop Nationally
NAR reports single-family, townhome and condo purchases fell 2.6 percent in June and are down more than 15 percent from the same period last year. Read more >
Foreclosure Activity Continues to Rise
According to RealtyTrac's Q2 2008 U.S. Foreclosure Market Report, New Mexico ranked among the bottom half of the states for its second quarter filings. The report defines foreclosure filings as default notices, auction sale notices and bank repossessions. New Mexico ranked No. 37 among the 50 states, with 1,150 total filings, which is a 2.7 percent decrease from the previous quarter but a 60 percent increase over the second quarter 2007.
FHA Adds Enhancements to FHASecure Initiative
The Federal Housing Administration recently implemented NAR-backed enhancements to the FHASecure Initiative which will give FHA flexibility to insure mortgages for borrowers who were late on some payments or received a principal write-down from their lender. FHASecure gives home owners with non-FHA adjustable rate mortgages the ability to refinance into a FHA-insured mortgage. With the new FHASecure criteria, lenders may voluntarily write down the outstanding subprime mortgage principal balances to a 97 percent or 90 percent LTV ratio depending on the borrowers' circumstances. FHA will also encourage lenders to make other arrangements, such as subordinate financing, to fill the gap between the existing loan balances and the FHA-insurable loan amount. The refinanced loan amount backed by the FHA would be based upon a new appraisal, performed by an FHA-approved appraiser. In February, NAR had sent a letter to the Secretary of Housing and Urban Development recommending many of these enhancements. Questions? Contact Jerome Nagy, 202-383-1233 Entry for July 29, 2008 FHA/GSE Legislation Passes On Monday, the U.S. Senate passed a final bill on FHA and GSE that NAR had long fought for, after deliberations and negotiations for the past few weeks. The House passed the identical bill on Wednesday, July 23. For more information, read the bill summary. The President has said he will sign the legislation into law. This bi-partisan legislation, NAR believes, will aid in calming mortgage markets, strengthen housing markets, and stabilizing our economy. The new loan limits are now set at $625,500 for the GSEs and FHA, as well as a $7,500 home ownership tax credit. The legislation also includes broad GSE Reform, FHA Reform, development of a National Affordable Housing Trust Fund, and creates a new FHA program to help homeowners at risk for foreclosure.
(c) 2008, REALTORS® Association of New Mexico. All rights reserved.2201 Brothers Road, Santa Fe, New Mexico 87505 800-224-2282 Fax: 505-983-8809
Contact BrandonDENT@gmail.com
or Toll Free: 1-877-821-8054
or Direct: 505-550-6388
or go to: www.MyPropertyNow.com
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