The challenges resulting from the current pandemic may have created new “safe” protocols for showing property, but they haven’t stopped New Mexico’s real estate market from continuing to be a bright spot in the state’s economy.
“Sales continue on a similar pace to 2019 and median prices reach new records,” says to James Russ II, 2020 New Mexico Association of REALTORS (NMAR) President. “The 2,628 reported August sales is over 100 sales ahead of August 2019 and brings the year-to-date sales number to 16,783. April and May 2020 sales were under those recorded for the same months in 2019, however robust sales during the rest of 2020 bring the year-to-date sales within 132 sales of 2019’s total.”
M. Steven Anaya, NMAR CEO adds, “Median prices continued their upward trend in August, setting a new monthly record of $250,000. The August median brings the 2020 year-to-date median to $232,000, also a record high.” Median price means half the properties sold for more, half for less.
Higher median prices and a robust market are good news for sellers – NMAR has heard reports from members that multiple offers are becoming more and more common. However, buyers, while still benefitting from low mortgage rates, are facing limited choices, and rising prices mean housing affordability is on a slight decline. Earlier this week the Greater Albuquerque Association announced their active listing inventory was at an all-time low. Statewide, average days-on-market during August was 66, however 9 (mostly metropolitan counties) of New Mexico’s 29 counties reporting August sales saw shorter times.
Pending listings offer a glimpse into the next month’s market sales. “August’s 2,791 pendings indicate September’s real estate activity should continue to be a boon for the New Mexico economy,” predicts Russ.
New Mexico REALTORS have been at the forefront incorporating technology, social distancing, mask wearing, and other safety features into open houses and individual showings to accommodate buyers and sellers and will continue to keep up safe practices.
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.