Friday, December 27, 2013
Year to Date Sales Continue to Improve
2013 sales are on track to be higher than those numbers seen the last six years (RANM started tracking state-wide sales in 2007). 2013 Year to Date Numbers (January through November) reported to the REALTORS Association of New Mexico show 15,311 sales. As a comparison, January through November numbers for 2007 through 2012:
2013 Year to Date median price of $172,500 is over 3% higher than the 2012 Year to Date median of $167,000. Median price indicates half the properties sold for more and half for less.
Seasonal trends are apparent as November sales numbers are down from October – 1,127 reported sales for November 2013 compared to 1,478 reported sales in October 2013. However, November 2013’s reported median price of $175,000 is higher than October 2013’s median ($171,450) and the median reported in November 2011 ($160,000) and November 2012 ($169,894).
“Our latest reports indicate New Mexico’s housing market is continuing to improve. The rise in median prices is partly the result of lower inventory and partly due to fewer distressed property sales,” according to Cathy Colvin, 2013 RANM President. “Year to date sales numbers and median price are both encouraging and predict the 2013 housing market will show an increase in activity and prices over 2012. National prognosticators predict the 2014 housing market will show a slower upward pace than this year. As New Mexico nearly always lags behind national market trends, and does not experience the extreme highs and lows of many areas, while we hope for continued improvement, it is really a wait and see game for the housing market of 2014.”
M. Steven Anaya, RANM CEO, said to keep in mind that all real estate is local with sales and prices that can vary throughout the state and within the same community. “Roughly half of the reporting counties in New Mexico showed an increase in sales for November 2013 over last year, and half showed a decrease. The same is true for median prices. Economic factors vary throughout the state, which also figure in to the housing market, and RANM’s individual county numbers reflect these conditions. Overall, we are pleased with home sales in the state and the fact that 2013 will mark the best numbers we’ve seen in six years”.
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.
Diane Moehlenbrink, CAE, RCE
Communications, Marketing and Events Director
REALTORS® Association of New Mexico