1,509 January sales were reported to the REALTORS® Association of New Mexico (RANM), making January 2018 the best month for sales since RANM started keeping homes sales data in 2008 and is 15% higher than the 1,279 sales reported in January 2017.
Median prices also continue to climb – January 2018 reported median was $190,000, compared to January 2017's median of $182,500.
"The January report is great news for the beginning of 2018," says Connie Hettinga, 2018 RANM President. "Mortgage rates are beginning to creep higher, but based on research by the National Association of REALTORS (NAR), among 177 metro areas, 89% of these areas have a median home value lower than $380,000. This means that most homebuyers would see an increase of less than $100 in the monthly mortgage payment. Rates are still historically low, and the recent increase should not discourage people from buying a house."
The housing market continues to contribute to a robust New Mexico economy. According to M. Steven Anaya, RANM CEO, "January activity resulted in a volume of $346,657,068. A continued increase in sales number with a rise in median prices contributes to a volume increase of over 5% from January 2017's figure of $327,671,203."
RANM recently moved to a new vendor for our statewide housing statistics generation and we now receive information regarding monthly average days on market, number of active listings, and pending listings. January 2018 numbers in these categories are:
Monthly Average Days on Market: 76
Number of Active Listings: 7,424
Pending Listings: 1,684
In future months we will be able to compare these numbers for another predictor of trends in New Mexico's housing market.
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.
Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to U. S. House Stats. Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLIS, New Mexico Multi-Board MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Association of REALTORS, Roswell Association of REALTORS, Ruidoso/Lincoln County Association of REALTORS, Santa Fe Association of REALTORS, San Juan County Board of REALTORS, Silver City Regional Association of REALTORS, and the Taos County Association of REALTORS. Reports represent single family residential data only. Information does not necessarily represent all activity in any market/county. Figures based on reports run 2/14/2018. Visit www.nmrealtor.com (housing trends) for county statistics.
The REALTORS Association of New Mexico is one of the state's largest trade associations, representing over 6,000 members involved in all aspects of the residential and commercial real estate market.
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