A banner year for New Mexico home sales - Albuquerque Journal

A banner year for New Mexico home sales

ADOLPHE PIERRE-LOUIS/ JOURNAL FILE PHOTO
New Mexico home sales and prices have had a very good 2019 according to the latest data. This file photo shows a home sale sign indicating a closed deal.

The last year of the decade was one of the busiest for New Mexico real estate agents and homebuyers, according to new numbers from the New Mexico Association of Realtors.

Through November, the most recent month that statewide home data is available, 23,328 home sales closed in 2019 in the Land of Enchantment, well behind last year’s record-breaking total but ahead of every other annual total since 2008, when the association began keeping track of the numbers.

Paul Wilson, 2019 association president, attributed the statewide growth to low interest rates and a statewide economy that has stabilized in recent years, two factors that have given potential buyers more confidence as they look to leave the rental pool or upgrade to a larger home. Wilson said he expects more of the same for 2020.

“We’re just really excited about the future and what the future holds for New Mexico,” he said.

While the number of homes sold in New Mexico dropped slightly from 2018 to 2019, the average price of those homes continued to grow. Statewide, the median home price stood at $216,000 through November, up 8% from $200,000 at the same point in 2018.

Paul Wilson, President of the Greater Albuquerque Association of Realtors. Photo courtesy of Paul Wilson
Paul Wilson, President of the Greater Albuquerque Association of Realtors. Photo courtesy of Paul Wilson

The statewide data mirror the trend in Bernalillo County, where the numbers have been trending up for several years thanks to an improving local economy. Through November, home prices in New Mexico’s most populous county posted an identical 8% increase to the state overall.

While Wilson acknowledged that each region of New Mexico is different, he noted that several of the state’s larger metro areas are struggling with a shortage of entry-level and mid-market homes. With fewer affordable homes on the market, the price of the remaining homes has grown in places like Albuquerque, Santa Fe and Las Cruces.

While there are new houses under construction in these cities, Wilson said they’re mostly at or near the upper end of the market. He attributed the shortage in new affordable housing to a drop in the number of subcontractors since the recession and the rising cost of land.

“We want our builders to be making money,” Wilson said.

In Santa Fe County, the most expensive county on the list, the median home price rose from $370,000 through November 2018 to $385,000 over the same period in 2019. The median price in Doña Ana County rose from $184,357 last year to $188,900 through November.

Southeast New Mexico, in the midst of an oil and gas boom, saw a big jump in median home prices. The median price in Eddy County jumped nearly 20% in 12 months, from $199,250 in 2018 to $237,500 currently. Lea County jumped from $165,500 to $185,000 over the same period.

For a full list of New Mexico home prices and sales by county, visit www.nmrealtor.com/2019-housing-trends.

 


Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

Nativo Sponsored Content

Ad Tango

taboola desktop

MORE ARTICLES LIKE THIS

1
Tech giant planning cargo facility at Sunport
ABQnews Seeker
Amazon is looking to expand its ... Amazon is looking to expand its presence in New Mexico by building a 30,000-square-foot air cargo fa ...
2
Data center operator selects ABQ for new headquarters
ABQnews Seeker
A Maryland-based data center operator is ... A Maryland-based data center operator is moving its headquarters to Albuquerque, according to city officials.
3
ABQ startup builds AI system to monitor satellites
ABQnews Seeker
The Air Force Research Laboratory is ... The Air Force Research Laboratory is betting $750,000 on a new system that Albuquerque-based data an ...
4
NM firm prepares to market cell-signal booster
ABQnews Seeker
A lightweight, portable cell-signal booster recently ... A lightweight, portable cell-signal booster recently got a boost of its own from testing by Sandia N ...
5
One-on-One with Edith Cherry - Career architect and educator
ABQnews Seeker
"I've probably been the luckiest person ... "I've probably been the luckiest person in the world." That's the perspectiv ...
6
NMSU leads the way in managing carbon for the ...
ABQnews Seeker
Trees and plants are nature's best ... Trees and plants are nature's best ally for capturing and sequestering carbon dioxide, and New ...
7
Nob Hill Music survives economic hardship by selling old-school ...
ABQnews Seeker
60% of store's stock is vinyl ... 60% of store's stock is vinyl records
8
ABQ physical therapy office to focus on sports rehab ...
ABQnews Seeker
Balanced Physical Therapy and Wellness has ... Balanced Physical Therapy and Wellness has expanded again, with the opening of its third location in late September.
9
NMSU campus power system a 'living lab'
Education
System 'a true learning platform for ... System 'a true learning platform for our students and faculty'
10
Foreign Trade Zones a critical economic tool
Business Columns
According to the National Association of ... According to the National Association of Foreign Trade Zones (NAFTZ), Foreign Trade Zones (FTZs) ...