After a record-breaking year for the New Mexico housing market in 2018, January numbers indicate 2019 will be another good year.
Paul Wilson, president of the New Mexico Association of Realtors, said 1,491 January 2019 sales were reported to the organization.
"This number is less than 20 fewer properties than the total reported in January 2018, seemingly indicating New Mexico's housing market will continue to be a bright spot nationally and in New Mexico's economy," he said.
Only January 2018's 1,508 reported sales number is higher than the number of January sales reported from 2008 through 2019, according to a release form the association.
The median sales price for January 2019 was $196,500, reports NMAR chief executive officer M. Steven Anaya.
"January 2018's median price was $190,000," he said. "Even though January 2019's median is higher than the January 2018 median, it is slightly less than the year to date median of $200,000, reported each of the last seven months of 2018."
Median price means half the properties sold for more; half for less.
The January 2019 median price is the highest January median since 2008, when NMAR began keeping statewide statistics.
January's average "days on market" was 80, down slightly from December's 82 days.
"There is still a lack of adequate inventory in many areas, especially in the lower price ranges," Wilson said. "That makes it harder for the first-time buyer to find a home at a price for which the mortgage is one for which they can qualify. Activity should pick up if interest rates do not rise and additional inventory is added to the market."
