(New Mexico Association of REALTORS - May 14, 2020)
“Even with business closures and new guidelines for showing houses and closing real estate transactions, according to numbers reported to the New Mexico Association of REALTORS (NMAR), April 2020 sales are off less than 14% from April 2019 sales numbers,” reports James Russ, 2020 NMAR President. “Even with the Governor’s declaration that real estate is an essential service, REALTORS everywhere are feeling the effects of the coronavirus pandemic as buyers and sellers alike are facing uncertain times.”
April say 1,901 reported sales, compared to 2,207 sales reported for April 2019. The April sales bring 2020’s year-to-date total sales to 7,246. This number, thanks to a strong first quarter, is slightly ahead of the 7,188 January through April 2019 sales number.
“Median prices still continue to increase,” according to M. Steven Anaya, NMAR CEO. The April 2020 median of $225,500, while 1% lower than the March 2020 median of $228,000, brings the 2020 year-to-date median to $224,900, 9.5% higher than the 2019 year to date median.” Median price means half the properties sold for more, half for less.
Earlier this week, Lawrence Yun, Chief Economist for the National Association of REALTORS (NAR) predicted that April would be the lowest month for real estate activity across the nation, but continued lack of inventory and low mortgage rates will help provide for at least a partial recovery by year end. NAR research found that 60% of buyers and 90% of sellers believe prices will remain stable. New Mexico’s average days-on-market has remained fairly constant this year. The April statewide average was 67 days. Los Alamos County days-on-market remains in single digits, and Bernalillo and Sandoval Counties report 29 and 37 days on market respectively. This statistic varies widely across the state with more densely populated counties showing lower numbers than sparsely populated areas.
1,884 pending listings were reported in April. Pendings are a prediction of potential sales numbers for the next month (May 2020). April’s pending numbers are traditionally among the highest of any month during the year. 2020 numbers however are down 18% from those reported in April 2019 and the lowest of any month this year seemingly indicating many sellers, using this “stay at home” time to complete remodeling and landscape projects, and buyers uncertain about their future job situation, are taking a wait and see position right now.
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.