NMAR News:The addition of November sales to year-to-date figures brings the 2019 total over the year-end total reported in 2017.
This means 2019 will be the second best year for the housing market since the New Mexico Association of REALTORS (NMAR) started keeping statistics in 2008. Only last year, 2018, which was an record-breaking year on all counts, saw more sales than those recorded to-date for 2019.
“1,921 sales were reported during November 2019. This number brings the 2019 year-to-date figure to 23,328, over 1,000 sales more than reported for all of 2017,” 2019 NMAR President Paul Wilson said. “Bernalillo, Dona Ana, Sandoval and Santa Fe counties led the sales count numbers last month.”
NMAR CEO M. Steven Anaya added, “The November 2019 median price is $220,000 compared to $208,000 in November 2018. 2019 year-to-date median prices have risen $2,000 since July.”
Median price means half the properties sold for more; half for less.
National Association of REALTORS (NAR) Chief Economist Lawrence Yun joined a panel of experts earlier this month for NAR’s first-ever Real Estate Forecast Summit. Panel members expect the U.S. economy to continue expanding next year while projecting real estate prices will rise. Yun predicts real estate is on firm ground, “however, in order for the market to be healthier, more supply is needed to assure home prices, as well as rents, do not consistently outgrow income gains.”
“While every real estate market is different, low inventory is a concern NMAR hears from a number of our local boards,” Wilson said.
Days on Market for November ranged from lows under 35 days in Los Alamos, Bernalillo, and Sandoval counties to an average of 71 days for the entire state.
The trends and numbers reported are only a snapshot of market activity. anyone interested in buying or selling should consult a REALTOR familiar with their market area; he/she can provide information on specific trends in that neighborhood.