House sales posted big gains in New Mexico from May 2017 to May 2018, showing a 28% increase.
Member groups reported 3,087 sales to the Realtors Association of New Mexico for May 2018. The Ruidoso/Lincoln County Association of Realtors is one of the reporting entities.
"May’s sales numbers bring the 2018 year-to-date sales number to 12,148. This number represents 32% more sales than 2017 January through May," RANM President Connie Hettinga said in a release from the association. "Median prices also continue to climb.The May $201,000 median again represents the highest monthly median since RANM began keeping statewide statistical information in 2008."
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Median price indicates that half the properties sold for a higher price and half sold for a lower price.
While nationally, sales dropped 6% from April 2018 to May 2018, statewide, New Mexico did not follow the trend with nearly 200 more sales reported in May than April.
Steven Anaya, RANM Chief Executive Officer said, "Many New Mexico counties are seeing banner years in their real estate markets. However, as expected, in those counties where the job market is weak and/or inventory is low, the housing market also often shows a decrease in sales compared to previous years."
A solid economy and job market in many areas of the country, and the state, should generate a good sales pace. In many markets, low inventory is a primary impediment to more sales. Rising material costs for home builders are adding to a lack of new homes, especially in the "starter" category, the release stated.
The Ruidoso/Lincoln County Association of Realtors reported 257 sales from January to May for a median price of $217,760. In May, 2,250 active listings were reported and 67 houses sold for a median price of $200,000, for a total May value of $23,124,900. The May average price was $345,147 and the average number of days on the market was 269.
In New Mexico, the number of active listings has continued to increase each month during 2018.
"Part of this increase is seasonal," Hettinga said, "But it also represents the number of sellers who have decided now is the time to sell their home, and look for a new one. However, the combination of low inventory plus higher prices and mortgage rates continues to pinch the budgets of prospective buyers."
Real estate activity created a May 2018 volume of $763,175,622 to New Mexico’s economy.
New Mexico properties spent an average 73 days on the market in May, according to reports. This number is just under the average days on market for the year.
The trends and numbers reported are only a snapshot of market activity. Anyone interested in buying or selling was advised by the association to consult a Realtor familiar with the particular market area.
Tribune Content Agency