NAR Posts

Thursday, March 21, 2013

New Mexico Real Estate on upswing!

New Mexico Home Sales Continue Upward Trend

Home sales and median prices reported to the REALTORS Association of New Mexico (RANM) for February 2013 continue the upward trend begun in January.

1,026 sales were reported in February 2013. This is over 21% more sales than reported during February 2011 (845) and 5% more than the February 2012 number of 977.

February’s median price of $165,000 is up 3.4% from February 2012 and equal to the median reported in February 2011. Median price indicates half the properties sold for more and half for less.

“Home prices are rising, the number of homes for sale is showing a slight increase, and homes are selling faster,” according to Cathy Colvin, 2013 RANM President. “These are all signs that spring, traditionally the busiest time of the year for home buyers and sellers, is in the air for real estate.”

According to RANM CEO M. Steven Anaya, “This improvement in sales numbers and median prices is wide spread across the state.” 18 New Mexico counties reported an increase in median prices for February 2013 compared to February 2012. 13 counties reported an increase in the number of sales for February 2013 compared to February 2012. MLS data indicates that nationwide, median list prices continue to tick up, reaching $189,900 in February. Inventories last month increased 1.15 percent month-over-month, after recently hitting record lows. Also, homes are selling faster with the median age of inventory at 98 days, a 9.26 percent drop from the previous month.

Colvin predicts, “New Mexico can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions.”

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.