The local housing market is stable and gradually improving, with the average sales price of homes for the first three quarters of 2017 recorded at $144,841, says the president of the Roswell Association of Realtors.
“Sellers that purchased during our last ‘boom’ period are just now seeing the value of their homes coming up to the value when they purchased their homes,” said Marcia Tidwell, also with Century 21 Home Planning. “Our local market is slowly improving.” The boom occurred prior to the U.S. housing crisis in late 2008.
The average 2017 third-quarter sales price of $144,841 was 96.02 percent of the list price, according to Roswell Association of Realtors statistics. For the first three quarters of the year, Jan. 1 through Sept. 30, 385 homes were sold.
The 2017 figures compare to 2016 numbers of an average sales price of $144,290 and 372 units sold.
As Tidwell points out, the differences between results for third-quarter 2017 and third-quarter 2016 are small, a $551 increase in the average sales price and an increase of 13 homes sold.
“I wouldn’t say that our market is really a buyers’ or a sellers’ market right now, just steady and stable,” she said. “Interest rates are up a little, but still low.”
The Roswell market is more robust than the countywide area.
The Realtors Association of New Mexico indicated in its third-quarter 2017 report produced Oct. 19 that the median price for homes in Chaves County for the first nine months was $127,500, a 3.4 decrease from the first nine months of 2016 and a 1.9 decrease from the same period in 2015.
That report listed 375 home units sold for the first nine months of the year, an increase compared to the same period in 2016 but a decrease from 2015.
Aside from the differences between average sale prices and median sales prices, the discrepancies between Roswell and countywide data could be a result of when reports are produced, according to real estate agents. The Roswell report was produced about a week later than the report by the state association, which would have gathered data even earlier.
According to the state association data, total volume of sales in Chaves County for the third quarter was $17,234,116. That compares to $16,405,628 for the third quarter of 2016 and $23,618,357 for July through September 2015.
Certainly a big difference can be seen from five years ago. For the third quarter of 2012, 111 homes sold in Chaves County for a total sales volume of $15,340,747. The median sales price was recorded as $112,650.
Statewide 2017 data from the Realtors Association of New Mexico shows total units sold for the first nine months were 16,232, a 13.5 percent increase from 2015. The median sales price statewide was $190,000, up 6.1 percent over 2015. Third-quarter sales volume statewide was $1.4 billion, an increase of 14.8 percent compared to 2015.
Of the 33 counties in the state, 19 reported increased sales volume for third-quarter 2017 compared to the same period of 2016 and 20 had increased volume compared to same period of 2015.
A statement by Realtors Association of New Mexico President Victoria Murphy said New Mexico was “on pace to have another record year.”
Senior Writer Lisa Dunlap can be reached at 575-622-7710, ext 310, or at email@example.com.