Officials with the Realtors Association of New Mexico said 2017 was another record setting year for the state's housing market.
A total of 22,221 sales were reported to the Realtors Association during 2017. That is more than an 11% increase over the reported 19,933 sales for 2016, and is the highest number of reported sales since RANM started compiling statistics in 2008. The data includes figures from the Ruidoso/Lincoln County Association of Realtors.
The reported 2017 median price of $190,000 also is higher than the medians reported since 2008. Median price indicates half the properties sold for more and half sold for less.
In 2008, the number of sales reported was 14,625 with a median price of $186,000; in 2009, the number of sales was 13,900 for a median price of $175,900; in 2010, sales were 13,439 and a median of $174,790; in 2011, sales hit 13,302 with a median of $166,500; in 2012, sales jumped to 15,182 but the median stayed level at $167,000; in 2013, sales were 16,708 with a median of $167,000; in 2014, sales were 16,966 with a median of $175,000; in 2015, sales increased to 18,733 and the median rose to $179,900; in 2016, sales went up again to 19,933 and the median jumped to $185,00; followed by 2017, with sales at 22,221 and a median of $190,000.
"The majority of New Mexico counties saw an increase in sales during 2017," Connie Hettinga, 2018 RANM President said. "Bernalillo, Eddy, Dona Ana, San Juan, Santa Fe, and Valencia counties showed the biggest gains in sales numbers. Of course, all real estate is local, so while the majority of New Mexico counties reported growth during 2017, we have a number of counties with 2017 numbers lower than those reported in 2016."
According to M. Steven Anaya, RANM CEO, "Realtors are still dissecting the Tax Cuts and Jobs Act to decipher what it means for homeowners. As a result of the changes made throughout the legislative process, NAR is projecting slower growth in home prices of 1% to 3% in 2018, as low inventories continue to spur price gains. Some local markets, particularly in high cost, higher tax areas, will likely see price declines as a result of the legislation's new restrictions on mortgage interest and state and local taxes."
The trends and numbers reported are only a snapshot of market activity. Local Realtors are the best source for individual markets.
Deena Turner, associate executive with the Ruidoso/Lincoln County Association of Realtors, released data for the local area.
A total of 687 residential sales occurred in Lincoln County for 2017, representing an increase of 9.3% over 2016, she said. The 2017 median price was $190,000, an increase of 2.6% over 2016.
For comparison, in 2012, sales hit 503 homes with a median price of $185,000; in 2013, sales were 529 with a median price of $181,000; in 2014, sales were 562 with the median price spiking to $199,500; in 2015, sales were 587 and a median price of $185,000; and in 2016, sales were 626 with a median price of $185,000.
