ABQ Home Sales Up in November!

Sales of single family detached homes in metro Albuquerque increased during October, defying the traditional seasonal slowdown. The 731 detached homes sold during October were an 11% increase over the 661 homes sold during September. October sales were up 43% from October 2008 and more than double the 324 homes sold in January, the period of slowest sales during the current cycle.The October sales were the second highest of 2009, behind only July, and third highest since August 2007. The average detached home sold during October remained on the market for 71 days, the shortest sales period of the year.There were 900 homes with the sale pending during October, a 56.5% increase over October 2008. This performance indicates that sales should remain strong for November, even as the seasonally cold weather slows activity from previous months.For townhouses and condominiums, October closed sales and pending sales showed an even better year over year improvement than did the detached homes, up 46% and 78% respectively.Sales of homes priced between $100,000 and $199,000 dominated the metro region during October. This price group accounted for 446 sales or 61% of the October total.The average price for a detached home was $209,614 during October, essentially unchanged from September, and up 1.7% from April. Average and median prices dropped from October 2008 for detached homes, townhouses and condominiums.During October, a total of 4,938 active listings were available around the metro Albuquerque area, down 17% from a year earlier. October was the first month since April 2007 showing active listings at fewer than 5,000. With the continued reduction in listings, metro Albuquerque is becoming less of a buyers market, especially for more affordable homes.

SUNDANCE RULES

Wouldn't you love to go to Sundance? It seems like there are more independent films with big names this year. "The Twilight Saga: New Moon" with Ben Affleck and Katie Holmes. "The Runaways" portrait of rocker Joan Jett with Kristen Stewart and Dakota Fanning. How old is she now? Growing up, for sure, and one can only hope she doesn't succumb to the hazards of success like other child actors not to mention Tiger! "The Company" premieres and also stars Affleck with Keven Costner and NM's own, Tommy Lee Jones. Then "The Extra Man" with Homes and Kevin Kline and John C. Reilly ought to be really entertaining. Has Kline ever had a bad film?? Love that man. Well, I'm waiting for my invitation and in the meantime will just have to put these on my Netflex queue to see them in a year or two....

STRONGER HOUSING SALES IN ABQ

Several Reports Point to Stronger Housing:Existing home sales shot up 10.1% in October and reached the highest level in 2 ½ years, according to the National Association of Realtors. They also reported that the national median home price had the smallest decline in over a year.New home sales jump 6.2%, to reach their highest level in over one year. The U.S. Commerce Department reported that new home sales hit annual rate of 430K with the strongest sales coming from the South. I reported last week that new home starts were down. This bodes well for home prices if inventory is being reduced and demand is increasing. Call me if you'd like to buy here!!!

BACK FROM AFRICA

Sorry to have been gone abit, but I was in South Africa working on a USAID project in Zimbabwe. I have been working on it for five years and looks like it will be renewed for another three and extended into Kenya, possibly Ethiopia. Being in rural Africa is a sobering experience and makes me realize how self-indulgent and materialistic we Americans are. They have nothing and are happy and hopeful. We have everything and are neurotic and cynical.

Although I love film and television, it is disheartening to see how we have distorted values throughout the world. Our TV shows are popular there; everyone with a TV knows about Oprah and American Idol. Our movies are bootlegged on to bad DVD discs and watched there too. Our tendency for violence supports their lifestyle rather than encouraging any kind of evolution towards more peaceful conflict resolutions. We have through our films supported women in taking power in abusive relationships. I look forward to Invictus which will celebrate what Africa can do under inspired leadership and teamwork.

Filming to Ramp up in New Mexico

Filming has been rather quiet here for a couple of months but things will start up soon. Two motion picture projects and the third season of a TV series will be made soon. "Due Date" starring Robert Downey, Fr as a father-to-be will shoot in the Fall. "Passion Play" starring Mickey Rourke will also film here. One of our favorite TV series "In Plain Sight" will film starting in January. And then there is our pride and joy, "Breaking Bad." So I would love to be a fly on the wall while Robert Downey, Mickey Rourke and Cranston have a few beers downtown!!

NEW SANTA FE STUDIO

The City Different --- Santa Fe --- has allocated $6 million to the developers of a new studio in Santa Fe. The negotiations have been in the works for awhile and now has been worked out. Watch out Hollywood!!

NEW HOME SALES UP IN ABQ

This commentary by David Murphy who tracks new home sales: By now you’ve no doubt seen on the news and read reports in the media that the housing market is beginning to turn around; the last few years of decline are nearly over. (Not the first time you’ve encountered that opinion over the course of this recession either). But this time around, it seems to be for real. Pending existing home sales are up substantially, new home sales are at their highest level in a year, and mortgage interest rates remain at historic lows to attract home buyers. Indeed, even in the local Albuquerque metropolitan housing market, positive signs are evident both in new and resale data. On the new home side, an ever-growing array of smaller more affordable floor plans, coupled with government subsidies to first time homebuyers to the tune of $8,000.00, are fueling sales - especially in the below $200,000 price range. On the resale side, the local Greater Albuquerque Association of Realtors’ statistics show increased sales month-over-month for all of 2009 so far, as well as lower inventory levels compared to last year. The positive data is there and cannot be denied.