October’s New Mexico Real Estate Market Remains Strong During October
During October 2020, the state’s real estate market continued to be a bright spot in New Mexico’s COVID-19 economy.
“2,431 October sales were reported to the New Mexico Association of REALTORS (NMAR). This brings the 2020 year-to-date total sales to 21,663, just over 250 sales ahead of 2019’s January through October total,” according to 2020 NMAR President James Russ. “October sales numbers were down less than 20 sales from September confirming the traditionally robust summer sales season has continued into fall.”
Steven Anaya, NMAR CEO adds, “Median prices continued their climb in October, setting another new record high. The October median of $259,900 brings the year to date median to $237,000. October median prices represent an over $40,000 increase since January 2020’s median of $219,500.” Median price means half of the properties sold for more, half for less.
“While the October statewide average days-on-market was 58, nearly one third of New Mexico’s counties reported numbers below this the average. Los Alamos County continues to report the quickest sales time – 14 days, with Bernalillo County coming in second with an average of just 20 days-on-market,” reports Russ.
Continued low mortgage interest rates are helping keep the sales number high, and according to the National Association of REALTORS’ (NAR) recent Profile of Home Buyers and Sellers, the coronavirus pandemic has also initiated several shifts in the housing market over the past eight months.
Buyers and sellers both indicated the pandemic had caused them to reassess their housing situation and even consider home sizes and destinations. NAR found buyers purchasing property after March were more likely to purchase a multi-generational home and sellers who closed in April or later were more likely to sell because their home was too small.
“The governor’s most recent stay at home health order which hampers real estate activities, may result in a slowdown of the market for the remainder of the year,” predicts Anaya. “We’ll just have to wait and see.”
New Mexico REALTORS will continue to incorporate technology, virtual tours, social distancing, mask wearing, and other safety features to accommodate buyers and sellers and will continue to keep up safe practices.
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.