NMAR News:
For the third consecutive month in 2023 New Mexico Home sales increased. While still nearly 20 percent behind the March 2022 numbers, the numbers reflect the national trend of slowly increasing real estate activity.
“Inventory shortages and mortgage interest rates hovering around 6 percent still present a challenge to many home buyers,” said President Hubert Hill of the New Mexico Association of REALTORS (NMAR). “Median prices also are continuing their upward climb – but at a more manageable rate of 4-5 percent instead of the 20 percent+ seen in some areas in 2022.”
March 2023 saw 1,828 sales reported to NMAR with a median sales price reported at $315,000. Santa Fe and Taos Counties reported the highest median prices: Santa Fe – $537,000, ; Taos – $487,000. Bernalillo County’s median price was $318,000.
The average days-on-market for March was 55, down one day from January and February 2023, but up from the 42 days reported for March 2022.
March 2023
- Sales: 1,828
- Median: $315,000
February 2023
- Sales: 1,342
- Median: $305,000
January 2023
- Sales: 1,207
- Median: $300,000
March 2022
- Sales: 2,294
- Median: $ 298,500
“The 1,582 pending listings and the March rise in the number of active listings from February numbers are good omens of continued sales activity for April,” President Hill said.
