More sales were reported to the New Mexico Association of REALTORS (NMAR) for Jan. 2021 than in January 2020 – pre COVID-19.
“1,681 sales were reported for this January,” NMAR President Danny Wm Vigil said. “This is just over 50 sales more than reported for the same month last year.”
NMAR CEO M. Steven Anaya said, “A new high in median prices for January and a 20% drop in average days-on-market from January 2020 reflect the continuing low inventory in most areas. Median sales prices rose gradually in 2020 and January 2021’s $250,000 median is over 12% higher than January 2020’s $219,500.”
Median price means half the properties sold for more, half sold for less.
During January 2021 properties were on the market for an average of just 60 days. Both Bernalillo and Sandoval Counties reported just 23 average days-on-market last month.
“January pending listings give a glimpse into what we can expect as far as sales during February, Vigil said. “December 2020’s 1,699 pendings resulted in 1,681 sales in January 2021. There are a reported 2,005 pending listings in January 2021.”
Record low mortgage rates along with extra lean inventories are prompting a buying frenzy across the nation. The number of homes for sale was down 43% in January year over year, a record low, realtor.com® reports. About 40% of potential buyers who’ve been searching for a home say they haven’t bought a house yet because they keep getting outbid, according to a new survey by the National Association of Home Builders.
Buyers and sellers of properties in New Mexico have adapted to virtual tours, social distancing, mask wearing, and other features implemented by REALTORS to keep up safe practices in the home buying process. 2021’s real estate industry should continue to be a bright spot in New Mexico’s economy.
The trends and numbers reported are only a snapshot of market activity. Anyone interested in buying or selling property should consult a REALTOR familiar with their local market.