January 22, 2020

April Sales Numbers Continue on 2012 Upward Trend

Posted on 01. Jun, 2012 by Stephan Helgesen in Economy

1,234 sales were reported to the REALTORS® Association of New Mexico during April 2012.  This number is just over 11% higher than the number of sales reported in April 2011.  Year to date sales (4,227) are 8.6% higher than 2011 year to date sales and 1.8% higher than 2010 January through April totals.

The 2012 year to date median price of $160,000 is lower than the 2011 January through April median, however, April’s median of $165,000 is higher than last month’s median and equal to that reported during April of 2011.

“Sales of distressed properties are still weighing heavily on median prices in New Mexico,” according to Debbie Rogers, 2012 RANM President.  “RANM leadership just returned from the NATIONAL ASSOCIATION OF REALTORS® (NAR) MidYear meetings in Washington, D.C., where we found optimism for a slow, steady recovery of the market and sales prices.”

While nearly two-thirds of reporting counties showed an increase in the number of sales comparing April 2012 to April 2011, only half of the reporting counties show an increase in median prices for the same period.

Bernalillo County reported an increase in number of sales and an increase in median prices comparing April 2012 to April 2011.  Dona Ana, Los Alamos, Santa Fe and Taos Counties reported an increase in sales numbers but a decrease in median prices.

NAR’s composite quarterly Housing Affordability Index rose to a record high of 205.9 in the first quarter of 2012, based on the relationship between median home price, median family income and average mortgage interest rate.  The higher the index, the greater the household purchasing power.

“Market conditions are optimal for home buyers.  For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present,” according to RANM Executive Vice President Steve Anaya.

“Home prices are stabilizing and sales are rising, but some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means.  Home sales would be much higher if lending standards would return to normal.”

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 5/16/12.  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 5,300 members involved in all aspects of the residential and commercial real estate market.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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