New Mexico Real Estate Activity Indicates the Summer Buying Season is Here!
Source: New Mexico Association of REALTORS
Even with the challenges presented by COVID-19, real estate continues to be a bright spot in the New Mexico economy.
“June 2020 sales numbers reported to the New Mexico Association of REALTORS (NMAR) surpass those reported for June of 2019 and reflect pent-up demand and continued low mortgage interest rates,” according to James Russ II, NMAR President. “2,334 sales were reported for June 2020 compared to 2,290 reported for June 2019.”
Russ continues, “This June’s sales numbers bring the year to date total (January through June 2020) to within 5% of year to date numbers for last year.” (January through June 2020 total sales: 11,383; January through June 2019 sales: 11,988.)
A recent survey of NMAR members shows the majority of people inquiring about moving to New Mexico from other states come from densely populated areas such as Los Angeles, Houston, and Denver. A recent national survey designed to discover what was motiving moves during the pandemic cited the top moving motivators as the need for space (44%), a desire to buy versus rent (41%), and to relocate to the suburbs (37%).
June 2020’s reported pendings of 2,843 are just over 21% higher than June 2019 reported pendings. Pendings are those listings with contract close dates in the next month. NMAR CEO M. Steven Anaya predicts “The number of pendings indicates the real estate market should continue to be a bright spot in the state’s economic recovery.”
“Lack of inventory continues to be a problem across the state,” reports Anaya. “Listings are down nearly 60% from last year at this time. This is reflected in the continuing rise in median prices. June’s $231.000 median is the highest monthly median reported since NMAR began keeping statistics in 2008.” Median price means half the properties sold for more, half for less.
Average days-on-market for a New Mexico property in June was 61. Days-on-market varies widely across the state with Los Alamos County still reporting the shortest time from listing to sale – 9 days on average. Bernalillo, Sandoval, Dona Ana, and Santa Fe Counties also reported days-on-market less than the statewide average.
New Mexico’s June numbers reflect the nation as a whole. People looking to buy are serious and ready to make a move. This week realtor.com reported their monthly traffic hit an all-time high, signaling despite the global pandemic, buyers are ready to make a purchase. Realtor.com also reports nationally, supply remains the biggest factor in slowing the recovery to pre-pandemic levels.
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.