January 19, 2021

November 2011 Sales Numbers Up from Last Year

Posted on 31. Dec, 2011 by Stephan Helgesen in Economy

1,027 New Mexico sales were reported to the REALTORS Association of New Mexico (RANM) during November 2011.  This number is 3.7% higher than the number reported in November 2010.  Fourteen of the counties reporting sales showed an increase in numbers; 10 counties reported a decrease.

The year to date total of sales, 12,149 is only 2% less than the 2010 year to date number.

RANM Executive Vice President M. Steven Anaya says “New Mexico median prices continue to reflect the number of distressed properties still on the market.  The November median of $161,655 is 7.6% lower than 2010’s November median of $174,900.”  The median home price means half the homes sold for more than the median amount; half for less.

Sixteen reporting counties reported a decrease in median price from last year; however Lincoln, Los Alamos, and Santa Fe Counties all reported a higher November 2011 median price than that reported in November 2010.

Is there a light at the end of the tunnel?  Teresa Ramos, 2011 RANM President acknowledges “There are still cancellation issues related to appraisals, tight underwriting, and other issues.  But buyers are beginning to recognize the great opportunity to own real estate and acting accordingly.  Existing home inventory has been trending downward consistently;  rents are rising and rent increases accelerating;  jobs are being added to the economy; and mortgage rates are too low to pass up – all these things point to a recovery which means more sales, and stabilizing prices.”

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.

Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to U. S. House Stats.  Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLIS, New Mexico Multi-Board MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Board of REALTORS, Roswell Association of REALTORS, Ruidoso/Lincoln County Association of REALTORS, Santa Fe Association of REALTORS, San Juan County Board of REALTORS, Silver City Regional Association of REALTORS, and the Taos County Association of REALTORS. Reports represent single family residential data only.  Information does not necessarily represent all activity in any market/county.  Figures based on reports run 12/19/11.  Visit www.nmrealtor.com (housing trends) for county and board statistics.

This article was submitted by The REALTORS Association of New Mexico, one of the state’s largest trade associations, representing over 5,800 members involved in all aspects of the residential and commercial real estate market.

 

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