While 2018 still ranks as a record breaking year for sales in the New Mexico Housing Market, 2019 promises to be the second best year since 2008 when the New Mexico Association of REALTORS (NMAR) began keeping state-wide statistics.

According to Paul Wilson, NMAR President, “Numbers reported for August, 2019, are ahead of 2017 figures by over 2,000 sales. Year to date (January through August 2019), 16,915 properties have been reported sold to NMAR. 2017 year-to-date numbers were 14,521. The record breaking year-to-date number in 2018 was 21,429.”

“Median prices also continue to rise,” says M. Steven Anaya, NMAR CEO. “2019 year-to-date median is reported at $215,000 – the highest median price reported since 2008. This figure is $1,000 higher than the 2019 July median, indicating that while prices continue to climb, the rate of increase appears to be leveling off.”

During August 2019, 2,514 New Mexico properties were reported sold; the median price for August was $221,000.

The market continues to be robust, with the average days on market during August reported at 60. Once again Los Alamos County reports the shortest time – 21 days. Bernalillo and Sandoval Counties (32 days) and Santa Fe County (48 days) also report days-on-market less than the statewide average.

Even though interest rates remain low, lack of inventory and financial constraints (student loan debt and uncertainty in the economic market) continue to be detriments, especially to first-time homebuyers. Lack of inventory also contributes to higher prices.

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.