2,315 March sales have been reported to the New Mexico Association of REALTORS (NMAR). “This number brings the 2021 year-to-date sales numbers to 5,714, nearly 400 sales more than year-to-date numbers reported in 2020,” according to Danny Wm. Vigil, NMAR President. “A lack of homes on the market contributes to both a mere 56 days-on-market average for March and another increase in median prices,” adds M. Steven Anaya, NMAR CEO. “The March median price of $260,000 brings the year-to-date median to a new high of $255,500.”
Bernalillo County reported the shortest average days-on-on market at just 18 days. Sandoval County reported 23 average days-on-market with four other New Mexico counties reporting days-on-market below 40 days. Santa Fe County reported the highest March median price of $462,500. Taos County March median was reported at $400,000.
Rising home prices and rising mortgage interest rates are cutting into affordability. “It’s a sellers’ market out there today,” says Vigil. “Sellers are still seeing multiple offers, however, at some point potential buyers are going to be priced out of the market.” “New Mexico’s high unemployment rate also bears consideration,” says Anaya. “No job, no steady income, no mortgage. While the job situation is improving, unemployment rates affect real estate activity.” Real Estate activity resulted in a total volume of over $757,000,000 in March, another new high for a March statistic since NMAR began keeping stats in 2008. March 2020 generated a volume of just over $576,600,000.
New Mexico REALTORS continue to practice mask-wearing and social distancing. Open houses are being held (with REALTORS making sure all “safe practices” are always in effect). Virtual tours are the norm and buyers are coming to the market better prepared than ever. 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.
