The October New Mexico Housing Market continues to indicate 2019 will be a good year for the industry.
A total of 2,265 October sales were reported to the New Mexico Association of REALTORS (NMAR), bringing the 2019 year-to-date sales number to 21,407.
“This is the 11th year NMAR has collected statewide housing numbers and only 2018 numbers exceed those we are seeing this year,” NMAR President Paul Wilson said. “We expect to finish the year with over 26,000 sales.”
NMAR CEO M. Steven Anaya said, “Median prices, while higher for 2019 year-to-date than amounts previously reported, have remained pretty constant for the last three months with the January through October median reported at $215,700. Rising median prices seem to be great news for sellers, but when prices rise faster than incomes, it often results in fewer buyers being able to qualify for a mortgage. Sellers also are often buyers, so while they may get a better price for the home they are selling, they will often have to pay more for a new residence.”
Median price means half the properties sold for more; half for less.
The October reported average number of days a property was on the market is 69. As the old adage goes, all real estate is local and while most of the metropolitan counties reported lower than average days on market for October, the majority of New Mexico counties report average days on market in triple digits. Los Alamos remains the county where properties sell the quickest – with a 16 day average days on market during October.
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.