January Home Sales Off and Running

Posted on 14. Mar, 2013 by Stephan Helgesen in Economy

970 home sales were reported to the REALTORS® Association of New Mexico (RANM) for January 2013.  This is over 19% more sales than January 2012 and nearly 24% more than the number of sales reported in January 2011.  Only four counties reported a drop in the number of sales for January 2013 compared to January 2012.

“What a great way to start 2013,” said Cathy Colvin, RANM President.  “Inventories are still low in many markets, but the pent-up demand for homes is creating activity in markets around the state.”

According to RANM CEO M. Steven Anaya, “Prices are still showing decreases from previous years. The good news, however, is that median price decreases are getting smaller with each month.  While distressed sales are still high by historical standards, they have fallen from their peaks in most markets, helping to alleviate the downward pressure on home prices in many areas.”

January’s reported median for New Mexico properties was $159,500.  While this is just over 4% lower than the January 2011 median of $168,500, it is only 1.1% lower than the January 2012 median of $161,240.  Median price indicates half the properties sold for more and half for less.

Tight lending standards, uncertainty in the market, and pending federal legislation still play a role in preventing an unqualified housing recovery.  Americans however, still want to call themselves homeowners.  A recent NATIONAL ASSOCIATION OF REALTORS® survey showed nearly 60 percent of current renters plan to purchase a home in the next two years.

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 2/18/13.  Visit www.nmrealtor.com (housing trends) for county and board statistics.

This article was submitted by the REALTORS Association of New Mexico is 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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