Despite a Pandemic, 2020 Proved to Be a Record Year for New Mexico’s Real Estate Market

2020’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 state’s real estate market.

With a lagging New Mexico economy due to COVID 19 health restrictions, real estate sales contributed over 7.8 billion dollars to the economic picture, more than any other year (except 2018) since 2008.

Danny Wm Vigil, 2021 NMAR President, reports “New Mexico ended 2020 with 26,075 sales. While lower than 2018’s record breaking 32,006 sales, the 2020 number outpaced the 2019 number by over 750 sales.”

M. Steven Anaya, NMAR CEO, adds, “Median prices have increased every year since 2013, with the 2020 median at $240,000. This figure represents just over a 10% increase from the 2019 median of $216,500. Limited inventory contributed to this increase, often resulting in offers over listing prices and many properties being sold almost as soon as they go on the market.” Median price means half the properties sold for more; half for less.

Vigil acknowledges, “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. Continued low interest rates, are helping keep properties affordable for buyers.”

December 2020 saw 2,288 sales reported to NMAR and a median price of $264,950. Properties were on the market for an average of 54 days.”

“With reports from REALTORS that January is off to a great start and continued COVID-19 vaccinations, the real estate industry in 2021 should continue to be a bright spot in New Mexico’s economy,” predicts Anaya.

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.

Source: "NMAR"