Housing Stats, Sales and Trends
The latest existing home sales data released by the NATIONAL ASSOCIATION OF REALTORS show a softening in August sales compared to those reported in July, while New Mexico sales show a 5.5% growth over numbers reported for last month.
According to Patricia Fell, 2016 REALTORS Association of New Mexico (RANM) President, “1,962 August sales were reported to RANM. This is a 5.5% increase over the number of sales reported in July 2016 and an over 11% increase from the number of sales reported for August 2015. Median prices and monthly volume also show an increase over July figures.” Median means half of the properties sold for a higher price and half for a lower price.
Trends of 2016:
“While markets across the state vary, the majority are still experiencing low inventories. Because inventory is low, median prices continue to rise as there is not sufficient inventory to replace what’s quickly being sold,” says M. Steven Anaya, RANM CEO. “Mortgage rates are still low, but supply and affordability restrictions continue to keep many would-be buyers on the side-lines.”
Fell adds “Low inventory in many markets means new listings at affordable prices are receiving multiple offers. Serious buyers need to be ready with pre-approval to make sure their offer is taken seriously by the seller.”
A strong August showing keeps 2016 year-to-date figures ahead of those reported in previous years.
January – August 2014
January – August 2015
January – August 2016
The trends and numbers reported are only a snapshot of market activity. If you are interested in buying or selling, consult a REALTOR familiar with your market area; he/she can provide information on specific trends in your neighborhood.
Totsie Slover, President of the Deming/Luna County Board of REALTORS® says that the Deming, Luna County market showed a softening of sales in August compared to July, 2016. 12 homes sold here in August for a total value of $877,000 and median price of $62,000. In July there were 18 sales for a total price of $1,852,400 and a median price of $100,500. In August, 2015 there were 9 sales for a total value of $876,400 and a median price of $90,000 and August 2014 there were 9 sales for a total value of $919,900 and a median price of $81,000.
Slover also stated that there are currently 198 residential properties on the market ranging in price from $19,900 to $598,000 for a total value of $23,816,535 so there is plenty of inventory available. As of August 31, 2016 there have been 110 homes sell so that means we have 14 months of inventory on the market. The average days on the market for homes sold this year is 262 days.
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