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New Mexico Association of REALTORS: 2018 is record-setting year for state’s housing market

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Since a year-end low of 13,302 sales reported to the New Mexico Association of REALTORS in 2006, the numbers have steadily increased each year. 2018’s final count of 32,006 is nearly 10,000 more sales than year-end numbers of 2017, which were 22,221.

“Nearly every New Mexico county shows an increase in total sales this year as compared to 2017,” 2019 NMAR president Paul Wilson said. “The biggest increases occurred in counties with larger metropolitan areas and those prospering due to the oil and gas industry.”

NMAR CEO M. Steven Anaya said, “Median prices have also been on an upswing since 2011, however, 2018’s year-end median of $200,000 has remained stable since June of this year.” Median price means half the properties sold for more; half for less.

“REALTORS are anticipating seasonal factors, as well as the partial shutdown of government agencies that deal directly with the housing market (U.S. Department of Agriculture, Federal Housing Authority, Federal Emergency Management Administration, Social Security Administration and Internal Revenue Service) will mean lower numbers for January 2019, but we still see a good year ahead for New Mexico’s housing market,” Wilson said.

“Housing inventory is increasing, and mortgage rates remain relatively low, which is good news for the market,” Anaya said. “The bad news is many potential buyers continue to be saddled with education debt and are unable to qualify for a loan or save for a down payment.”

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December 2018 saw 2,411 sales reported to NMAR and a median price of $204,000. Properties were on the market for an average of 82 days, only slightly longer than November’s 79-day average.

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.

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