Vista Del Norte Statistics
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Vista del Norte Statistics 2007/2008
Below are all the homes that closed in Vista Del Norte and Rancho Mirage for 2007 as reported by the Multiple Listing Service. Please keep in mind that Vista Del Norte is very unique and buyers take many factors into account when purchasing in our beautiful area. Location in the area, amenities, condition, size, flow, single story over two story and the builder of the home are most important. After selling many homes in Vista Del Norte I am happy to share my expertise with you at any time!
Single Family Homes
|
|
2007 |
2008 |
% of Change |
|
Home Sales |
94 |
58 |
-38% |
|
Average Sale Price |
$271,205 |
$251,658 |
-7.2% |
|
Median Sale Price |
$260,250 |
$237,500 |
-8.7% |
Number of Sales by Builder
| Builder | 2007 | 2008 |
| Stillbrook/Custom | 4 | 4 |
| Sivage Thomas | 26 | 18 |
| Sunset West | 40 | 24 |
| DR Horton | 11 | 7 |
| KB Homes | 2 | 3 |
| Agave Sub (Tierra/Sundance) | 1 | 1 |
| MFP (Estates Section) | 2 | 1 |
Rancho Mirage Condos
| 2007 | 2008 | |
| Number of Sales | 43 | 24 |
| Highest Price per SQFT | $148.00 | $148.70 |
| Lowest Price per SQFT | $125.00 | $118.14 |
| Average Price per SQFT | $132.00 | $131.41 |
| 2007 | 2008 | % of Change | |
| Condo Sales | 42 | 24 | -43% |
| Average Sale Price | $155,796 | $147,275 | -5.5% |
| Median Sale Price | $162,000 | $153,900 | -5% |
| Bedrooms | Avg. Sales Price | Sales |
| 1 | $120,333 | 6 |
| 2 | $152,162 | 8 |
| 3 | $159,530 | 10 |
Adrian's Notes
We made it to 2009 and are still faced with several economic challenges. The real estate market will depend on low interest rates and competitive home prices to help increase sales and lower inventory levels. Also, an improvement in unemployment and an increase in the number of new jobs will be necessary for our economy to begin breaking out of recession. It is hoped, the new administration will help improve consumer confidence and create the impetus for economic recovery.In December 2008 interest rates were fluctuating around 5% plus or minus .5%. According to the Greater Albuquerque Association of Realtors the median home price in the Albuquerque Metro area was $179,900. Moreover, a decrease of 8% in inventory in December from November 2008 can only entice early opportunists to consider making a purchase in the economic climate. There is a chance the market could get worse if unemployment does not slow down and decrease. However, low interest rates, low prices, and a slow down in inventories make purchasing a home, now, very attractive.
Unemployment as of December 2008 in the U.S. was 7.2%. However, unemployment in the Albuquerque Metro area, according to Albuquerque Economic Development, was 4.2%. Nonetheless, the AED is in the process of recruiting several solid and growing companies. Some target industries include aviation/aerospace, microelectronics, biotechnology, manufacturing, IT/software, optics/photonics, micro systems/nanotechnology, and solar technology, to name a few.
On another note, for people who are not sure if now is still not a good time ot buy, consider waiting until we see any of the following: First, a steady monthly increase in existing home sales; Second, a tax credit for buying a home; Third, a consistent decrease in existing home inventory. Also, keep in mind an increase in new home builds will increase inventory, which will not help the market.
In short, it is possible; stabilization of the real estate market could take place after the second quarter this year as long as we see the combination of low interest rates, low inventories, a decrease in home builders building new homes, and an improvement in unemployment. Not only will this improve the real estate market but may also greatly improve our economy.
Ask your Neighborhood Specialist
You may also contact me for tips, trends, home values, and real estate information in the following areas: Albuquerque areas such as the North Valley, Los Ranchos, North Albuquerque Acres, Sandia Heights, High Desert, Four Hills, Tanoan, UNM area, Nob Hill, Ridgecrest, Taylor Ranch, Seven Bar Loop, Ventana Ranch, Ventana West, Volcano Cliffs, The Knolls, and Downtown Albuquerque. Rio Rancho areas such as Vista Montebella, Rivers Edge, Mariposa, Rio Rancho Estates, Northern Meadows, North Hills, Loma Colorado, Cabezon, Enchanted Hils, Diamond Ridge, High Resort, and Downtown Rio Rancho.
