Local and state home sales statistics paint a hot seller's market in New Mexico.
While 2018 still ranks as a record breaking year for sales in the New Mexico housing market, 2019 promises to be the second best year since 2008 when the New Mexico Association of Realtors began keeping state-wide statistics, a report from the organization stated.
August residential home sales within the Ruidoso and Alto area jumped 36% over July for a total of 61 homes, according to the Multiple Listing Service Report from the Ruidoso/Lincoln County Association of Realtors.
Of the homes sold last month in Lincoln County, the majority, 44%, were priced up to $199,999; another 21% were priced between $200,000 and $299,999; 14% were priced between $300,000 and $399,999; and the remaining 21% of the homes sold were priced over $400,000, the report detailed.
Housing inventory in the county remained below 2018 levels. The inventory reached a 3.8-month supply in August compared to 4.4 months a year earlier. To date in 2019, July and August marked the peak of inventory, said Deena Turner, associate executive with RLCAR.
"When inventory is below six to eight months, it is considered a sellers' market. But prospective buyers shouldn't let that deter them from looking," said Sean Simpson, President of the RLCAR.
"In the Ruidoso area, homes come on the market every day at all different price points."
August saw 595 active listings, more than 100 of which were new listings, the report stated.
"That is still a lot to choose from for anyone interested in buying," Simpson said.
Days on market continued to fall in the county with the average for August at 143, a 32% decrease over August of 2018, Turner noted in the report.
"Numbers reported for August, 2019, are ahead of 2017 figures by over 2,000 sales," said Paul Wilson, NMAR president.
"Year to date (January through August 2019), 16,915 properties have been reported sold to NMAR. The 2017 year-to-date numbers were 14,521. The record breaking year-to-date number in 2018 was 21,429."
The New Mexico median price in July was $224,900, up slightly from June's record $224,588, Wilson said, explaining that the median price means half the properties sold for more; half for less.
During August, 2,514 New Mexico properties were reported sold; the median price for August was $221,000.
The market continues to be robust, with the average days on market during August reported at 60, according to the NMAR report.
Los Alamos County reported the shortest time, 21 days. Bernalillo and Sandoval Counties reported 32 days and Santa Fe County 48 days — all less than the statewide average.
Even though interest rates remain low, lack of inventory and financial constraints such as student loan debt and uncertainty in the economic market, continue to be detriments, especially to first-time homebuyers, according to the NMAR report.
Lack of inventory also contributes to higher prices, they said in the report.
