October Membership Update
It has been a month or so since I have sent out a letter to everyone. First and foremost, Wayne Ciddio was reinstated as the head of the Real Estate Commission. It appears that we have been placed under restrictions from the governor so let’s just mind our p’s and q’s and do the best we can. It has been an amazing year for everyone on selling and listing properties lets keep it going. Here is a quick look at what is happening on the sales in Lincoln County;
It is that time of the year to pay those dues:
Here is some information from NMAR it is the September stats;
New Mexico’s September Real Estate Market Continues Winning Ways
While every day there are reports of the negative effect the pandemic is having on the economy, the real estate industry continues to be a boon to New Mexico’s COVID-19 economy.
James Russ II, 2020 New Mexico Association of REALTORS (NMAR) President reports, “The 2,449 reported September sales brings the 2020 year-to-date total to 90 sales ahead of January through September 2019 year-to-date numbers. Nearly every reporting area shows a continuing robust market with higher prices and fewer properties on the market.”
“Median prices continue to grow setting a new monthly record of $255,000,” M. Steven Anaya, NMAR CEO adds. “This September median brings the year to date median price to $235,000, also a record high since NMAR began keeping statewide statistics in 2008.” Median price means half the properties sold for more, half for less.
Research by the National Association of REALTORS indicates housing affordability is weakening as prices continue to surge. The jump in home prices of 11.7% nationally in August was way above family income increases of 2.2%. The lowest-on-record 30-year fixed-rate mortgage helps offset some of the high home prices, however affordability is a concern across the U.S.
“Lack of inventory continues to be a driving factor in rising prices,” adds Russ. “Low inventory and continued demand also result in fewer days a property is on the market. While the statewide average days-on-market for September is 61, in Bernalillo, Los Alamos, and Sandoval counties the average number of days a property was on the market was 20 or less.”
Pending listings offer a glimpse into the next month’s market sales. “September’s 2,432 pending’s indicate robust real estate activity should continue through the remainder of 2020,” predicts Anaya.
New Mexico REALTORS have been at the forefront incorporating technology, virtual tours, social distancing, mask wearing, and other safety features into open houses and individual showings to accommodate buyers and sellers and will continue to keep up safe practices.
The trends and numbers reported are only a snapshot of market activity. If you are interested in buying or selling, consult a REALTOR familiar with your market area; he/she can provide information on specific trends in your neighborhood.
It looks like that NMAR is getting the GRI class updated they are still trying to find an instructor for a couple of the classes but it looks like they are working to get the instructor issue resolved so that the class will go on.
Remember to VOTE and early voting is open at the old middle school.
Hey everyone, make sure and subscribe to Deena’s daily update she puts in a lot of great information to help keep you and your business on the front lines. If anyone knows someone that has tech experience please let Deena or myself know we are trying to bring the board office up to technology standards.
Till next month Adios and keep selling,