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New Mexico’s housing market is on track for a banner year, bucking a slowdown or leveling off of home sales in other parts of the country, according to the Realtors Association of New Mexico.
In October, 2,921 sales were reported to the association — 200 more than in September, which past trends show is an unusual increase.
“In previous years, October sales numbers generally show a slowdown from those reported in September,” association President Connie Hettinga said in a news release.
The October numbers in New Mexico bring the 2018 year-to-date total sales to 26,982 — over 4,500 sales more than those reported for all of 2017.
The strong October report reflects that “overall the economy has been performing well which helps fuel home sales,” the association said in a news release. That was true in Los Alamos County, for example, where properties were going quickly at an average of 26 days on the market, Hettinga said.
Nine New Mexico counties reported an average number of days on the market that was at or below the October statewide average of 75 days. In Bernalillo County, the average was 42 days.
At the same time, median prices have leveled off in New Mexico, said M. Steven Anaya, association CEO. The October median of $200,554 is just $1,500 higher than the September median, he said. Median price means half the properties sold for a higher price and half sold for a lower price.
The year-to-date median in the state has been $200,000 for five consecutive months, Anaya said.
Tribune Content Agency