New Mexico Housing Market Continues Record Setting Pace
With November numbers just in, New Mexico’s housing market continues to set records.
“New Mexico November numbers generally show a decrease from those reported in October, which is true even this year. However, the 2,613 sales reported to the New Mexico Association of REALTORS (NMAR) for the month of November, 2018, are over 30% higher than sales recorded in the last five Novembers,” according to Connie Hettinga, NMAR President. “November year-to-date sales numbers are ahead of the year-end total for 2018.”
November’s numbers bring the 2018 year-to-date total sales to 29,595 – over 7,000 sales more than those reported for all of 2017.
M. Steven Anaya, NMAR CEO, reports “November’s median sales price was $208,000 while the year-to-date median has been $200,000 for six consecutive months.” Median price indicates that half the properties sold for a higher price and half sold for a lower price.
The National Association of REALTORS (NAR) has predicted nationwide, 2018 will show a 3% decrease in sales from those reported in 2017. Obviously New Mexico is an exception to national trends. The state’s economy continues to perform well, with a increase in oil and gas markets and employment in many areas.
The average November days on market for listings statewide is 79. Eight New Mexico counties report an average days-on-market below this number.
November Home Sales Outpace 2017
Despite the cooler autumn weather, home buyers still continued to purchase homes in record numbers in November, with 75 homes sold during the month, nearly an eleven percent year-over-year increase according to the Multiple Listing Service Report from the Ruidoso/Lincoln County Association of REALTORS® (RLCAR), which reports on all areas contained within the MLS. Average and median prices also experienced an increase over 2017, with a over six percent rise in the average price to $268,634 and a nine percent increase in the median to $209,000. The month ended with 32 sales still pending.
Homes in November spent an average of 210 days on the market, forty-six days less than November last year, and inventory remained low with just 4.4 months available. To date, a total of 676 homes have sold in Lincoln County this year, an eight percent year-over-year increase.
The breakdown of sales per price range in November saw little change from the previous month. In November, the majority of homes sales, 48 percent of homes sold were those priced under $200,000, while approximately 44 percent of home sales were those priced between $200,000 and $500,000. The remaining 8 percent were those homes priced over $500,000.