Grant County saw the highest number of residential sales since 2006 with 366 homes sold though the Multiple Listing Service in 2019. 2018 sales were 344 and 2017 340. The previous two years the median sold price averaged $138k. In 2019 the median residential sales price was $153,750 and the home was on the market for an average of 168 days.
“After so many years, we’re finally in a seller’s market again - our little piece of paradise is on the map, and the real estate market in our area is suddenly super-hot! While property values are increasing again, we’re still in a perfect storm of low interest rates and taxes, paired with affordable home prices. It’s still a great time to buy a home here, but an even better time to sell.” Nikki O'Connell, 2020 President of the Silver City Regional Association of Realtors.
2019’s New Mexico Housing Market ended with sales numbers higher than every year since 2008 (when the New Mexico Association of REALTORS (NMAR) began keeping state-wide statistics) except 2018, which was an off-the-charts year for the housing industry.
James Russ, 2020 NMAR President, reports “New Mexico ended 2019 with 25,309 sales. While lower than 2018’s record breaking 32,006 sales, the 2019 number outpaced the 2017 number by almost 3,000 sales.”
M. Steven Anaya, NMAR CEO, adds, “Median prices have increased every year since 2013, with the 2019 median at $216,500. This figure represents a 7% increase from the 2018 median of $200,000.” Median price means half the properties sold for more; half for less.
According to Russ, “REALTORS are looking forward to mortgage interest rates remaining relatively low in 2021, however, lack of inventory in many areas, especially in the first-time home buyer category, will continue to be a challenge.”
“While seemingly good news, especially for sellers, continual rises in median prices are also a concern as increases outpace increases in income, thus more potential buyers are priced out of the housing market,” adds Anaya.
December 2019 saw 1,981 sales reported to NMAR and a median price of $219,900. Properties were on the market for an average of 71 days.
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.
County by county numbers are posted at https://www.nmrealtor.com/wp-content/uploads/2020/01/December.pdf