The October New Mexico Housing Market continues to indicate 2019 will be a good year for the industry.
2,265 October sales were reported to the New Mexico Association of REALTORS (NMAR) bringing the 2019 year-to-date total sales number to 21,407. “This is the eleventh year NMAR has collected statewide housing numbers and only 2018 numbers exceed those we are seeing this year,” according to Paul Wilson, NMAR President. “We expect to finish the year with over 26,000 sales.”
“Median prices, while higher for 2019 year-to-date than amounts previously reported, have remained pretty constant for the last three months with the January through October median reported at $215,700,” says M. Steven Anaya, NMAR CEO. “Rising median prices seem to be great news for sellers, but when prices rise faster than incomes, it often results in fewer buyers being able to qualify for a mortgage. Sellers also are often buyers, so while they may get a better price for the home they are selling, they will often have to pay more for a new residence.” Median price means half the properties sold for more; half for less.
The October reported average number of days a property was on the market is 69. As the old adage goes, all real estate is local and while most of the metropolitan counties reported lower than average days on market for October, the majority of New Mexico counties report average days on market in triple digits. Los Alamos remains the county where properties sell the quickest – with a 16 day average days on market during October.
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.
Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to the NATIONAL ASSOCIATION OF REALTORS. Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLIS, New Mexico MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Association of REALTORS, Roswell Association of REALTORS, Ruidoso/Lincoln County Association of REALTORS, Santa Fe Association of REALTORS, San Juan County Board of REALTORS, Silver City Regional Association of REALTORS, and the Taos County Association of REALTORS. Reports represent single family residential data only. Information does not necessarily represent all activity in any market/county. Figures based on reports run 11/14/2019. Visit here for county statistics.
The New Mexico Association of REALTORS is one of the state’s largest trade associations, representing over 6,500 members involved in all aspects of the residential and commercial real estate market.