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.
REALTOR.com 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.
