Home sales in New Mexico slowed a bit in February, and a low inventory continued to be a challenge in Lincoln County.
February housing market numbers indicate that while the 2019 year-to-date number of sales is about 1% behind 2018’s record-breaking numbers, this will be another banner year for New Mexico housing, according to a release from the New Mexico Association of Realtors.
Paul Wilson, NMAR president, said 1,949 sales were reported to the association in February, bringing the year-to-date total number of sales to 3,437 compared to sales for January and February 2018 of 3,468.
“Median prices seem to have stabilized somewhat,” M. Steven Anaya, association chief operating officer, said. “February’s $199,900 median is less than 2 percent above the January median of $196,500 and only slightly lower than the $200,000 median for the year 2018.”
Median price means half the properties sold for more; half for less.
February’s average “days on market” was 84. The number varies widely depending on location, from a low of 19 days in Los Alamos County to a high of more than 200 days in Colfax, Grant, Mora and Socorro Counties.
The association reported 6,270 active listings during February.
Interest rates, low inventory, and school loan debt continue to be the biggest issues affecting transactions not only in New Mexico, but across the nation, he said.
Seventy-nine homes and condos were added to the Lincoln County market during the month of February, more than a 25% jump from the previous month but down 5% from February 2018, according to the Ruidoso/Lincoln County Association of Realtors Multiple Listing Service. Even with a 25% increase in homes listed in February, there is a strong demand for more homes.
Thirty-four homes and condos sold during the month of February, down 30% from a year ago and down 14% from the previous month. In February, 71% of the homes sold were priced under $199,999 while another 21 percent were those priced between $200,000 and $499,999. The remaining 8% of homes sold were priced over $500,000.
Inventory continues to remain lower than normal for this market, according to information from the county association. There were 449 homes and condos available for sale at the end of February in Lincoln County, down 23 percent from last February. Sales in Ruidoso, Alto Lakes, Outlaw and Kokopelli saw decreases, but those from Alto to Bonito River registered increases, doubling sales to six from February 2018, an 11% increase in average price to $206,538 and a 3% increase in median price to $126,000.
The largest drop was in average price for a home in Alto Lakes, Outlaw and Kokopelli, a 31% decrease to $302,500.
Tribune Content Agency