Wednesday, May 22, 2013
New Mexico Housing Market on Slow Road to Recovery
New Mexico Housing Market On Slow Road to Recovery
Housing trends reported to the REALTORS Association of New Mexico (RANM) for April show a continuing increase in the number of sales, while monthly median prices are slightly lower than prices recorded in April of 2011 and 2012.
New Mexico reflects national growth in number of sales. 1,387 April 2013 New Mexico sales were reported to RANM. In April of 2012, 1,273 sales were reported and in April of 2011, there were 1,110 reported sales. 2013 year to date sales are nearly 10% more than 2012 and over 20% more than 2011 numbers. Homes are selling at a faster pace than previous years which is good news for sellers.
Citing research from the NATIONAL ASSOCIATION OF REALTORS, RANM President Cathy Colvin reports, “Existing-home sales continue to improve, although inventory constraints are preventing stronger growth. After four years of relatively flat activity from 2008 through 2011, nationally, existing home sales rose 9.4 percent to almost 4.3 million in 2012 and are forecast to increase to nearly 5.0 million this year.”
New Mexico median prices (median price indicates half the properties sold for more and half for less) for the month of April 2013 show a -0.3% decrease from April 2012 ($164,000 to $164,490) and a
-0.6% decrease from April 2011 when the reported median was $165,000.
M. Steven Anaya, RANM CEO, says “Nationally, median home prices are rising. While April 2013 median prices dropped slightly, year to date New Mexico median prices reflect this rising trend. Year to date April 2012 New Mexico median was $160,000; January through April 2013 median is reported at $165,000.”
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 U. S. House Stats. Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLIS, New Mexico Multi-Board MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Board 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 5/21/13. Visit www.nmrealtor.com (housing trends) for county and board statistics.