A total of 22,221 sales were reported to the REALTORS Association of New Mexico (RANM) during 2017.
This is a more than 11 percent increase over the reported 19,933 sales for 2016 and is the highest number of reported sales since RANM started compiling statistics in 2008.
The reported 2017 median price of $190,000 also is higher than the medians reported since 2008. Median price indicates half the properties sold for more and half for less.
“The majority of New Mexico counties saw an increase in sales during 2017,” 2018 RANM President Connie Hettinga said. “Bernalillo, Eddy, Dona Ana, San Juan, Santa Fe, and Valencia counties showed the biggest gains in sales numbers. Of course, all real estate is local, so while the majority of New Mexico counties reported growth during 2017, we have a number of counties with 2017 numbers lower than those reported in 2016.”
According to M. Steven Anaya, RANM CEO, “REALTORS are still dissecting the Tax Cuts and Jobs Act to decipher what it means for homeowners. As a result of the changes made throughout the legislative process, NAR is projecting slower growth in home prices of 1-3 percent in 2018 as low inventories continue to spur price gains. Some local markets, particularly in high cost, higher tax areas, will likely see price declines as a result of the legislation’s new restrictions on mortgage interest and state and local taxes.”
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.