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Category: Real Estate Matters Real Estate Matters
Published: 20 June 2016 20 June 2016

In Grant County, 29 homes sold in May 2016 with a median price of $146,000. These numbers show an increase in numbers of properties sold while the median sales price is about average over the past five years. May of 2015 was a better year with 25 homes sold and a median sales price of $174,000. This was due to three homes selling over $300,000, whereas only one has sold in that price range thus far in 2016.

1,795 sales during the month of May were reported to the REALTORS Association on New Mexico (RANM). This number represents a 4% increase from the number of sales reported for May of 2015.

According to Patricia (Pat) Fell, 2016 RANM President, GǣThe May median price of $190,000 is the highest May median New Mexico has seen since 2008 when the median price was $194,250. This increase in median price and the increase in sales numbers for May continues the steady growth RANM has seen over the past few years.Gǥ Median price means half the properties sold for less, half for more.

GǣAn increase in sales numbers and an increase in median prices also results in an increase in total volume for May,Gǥ says M. Steven Anaya, RANM CEO. GǣMay's total volume of $409,775,313 is 3% higher than last year's volume. The housing market continues to do its share in making a positive contribution to New Mexico's economy.Gǥ

Year to date numbers (January through May 2016) also reflect a positive year for New Mexico housing. 7,418 sales are reported for 2016 year to date, a 6% increase in numbers over the same period last year. The $180,000 2016 year to date median price is 3.4% above median reported for the same period in 2015.

GǣAs always, housing trends reflect local market economic conditions. During May metro counties Bernalillo, Santa Fe, Dona Ana, and Sandoval all showed increases in sales numbers, while those counties whose economies rely on oil and gas industries, which are still experiencing job layoffs, showed decreases in sales from 2015,Gǥ according to Anaya.

GǣThere are still many areas of the state suffering from lower than usual inventory of homes for sale,Gǥ says Fell. GǣWhile this is good news for sellers, it limits the options available for buyers. And even with continued low mortgage interest rates, student debt continues to be cited as hurting a potential buyer's ability to save for a down payment.Gǥ

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.