“April 2019 saw 2,207 sales reported to the New Mexico Association of REALTORS® (NMAR)” according to Paul Wilson, 2019 NMAR President. “This number is nearly 24% lower than the number reported for April 2018 (2,895) which was a record-breaking year for New Mexico’s housing market but is nearly 19% higher than the number reported for April 2017 (6,054). 2019 is not on track to surpass 2018 records, but should be the second highest sales year since NMAR started keeping statistics in 2008.”

NMAR CEO M. Steven Anaya reports, ‘Median prices for New Mexico properties continue to grow slightly with the April median reported at $210,000 compared to the March 2019 median of $205,000.” Median price means half the properties sold for more; half for less. Anaya adds, “Lower than forecasted mortgage rates have given buyers more purchasing power to balance rising home prices.”

The latest quarterly report from the National Association of REALTORS® shows nationally inventory increased and metro market prices rose in the first quarter of 2019, but at a slower pace than the previous quarter. The national median existing single-family home price in the first quarter was $254,800, up 3.9% from the first quarter of 2018 ($245,300). New Mexico’s 2019 first quarter median of $200,000 was just over 2.5% higher than the first quarter of 2018 ($195,000).

April’s average “days on market” was 74 with Los Alamos County still reporting the shortest time on market of just 15 days. Bernalillo County was the second fastest selling market with an average days-on-market of 39. Local economic conditions, including employment rates, play a large roll in housing market activity.

7,188 sales have been reported for January through April 2019. Median Sales price for this period is $203,500.

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.