January Home Sales Off and Running

RANM News:

There were 970 home sales reported to the REALTORS® Association of New Mexico (RANM) for January 2013.

This is more than 19 percent more sales than January 2012 and nearly 24 percent more than the number of sales reported in January 2011.

Only four counties reported a drop in the number of sales for January 2013 compared to January 2012.

“What a great way to start 2013,” RANM President Cathy Colvin said. “Inventories are still low in many markets, but the pent-up demand for homes is creating activity in markets around the state.”

According to RANM CEO M. Steven Anaya, “Prices are still showing decreases from previous years. The good news, however, is that median price decreases are getting smaller with each month. While distressed sales are still high by historical standards, they have fallen from their peaks in most markets, helping to alleviate the downward pressure on home prices in many areas.”

January’s reported median for New Mexico properties was $159,500. While this is just over 4 percent lower than the January 2011 median of $168,500, it is only 1.1 percent lower than the January 2012 median of $161,240. Median price indicates half the properties sold for more and half for less.

Tight lending standards, uncertainty in the market, and pending federal legislation still play a role in preventing an unqualified housing recovery.

Americans however, still want to call themselves homeowners. A recent NATIONAL ASSOCIATION OF REALTORS® survey showednearly 60 percent of current renters plan to purchase a home in the next two 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.


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