Todays entry is a compilation of SOLD STATISTICS for the Silver City, Grant County, and surrounding areas for the periods 2003 thru 2007. As you can see, the market remained reasonably stable in spite of the acknowledged "sub prime" meltdown that is being seen in select markets around the USA.Before posting the annual results for our area (in table format below), I wanted to post this morning's national statistics just released for the month of November 2007. All 20 of the USA's top markets were down compared to the prior months stats.And for those who are not keeping track, the following might seem shocking and negative in general for the USA real estate market:November marks the 11th straight month of price declines in the top 20 markets in the USA. Three of the worst price declines are as expected, Las Vegas, Miami, and San Diego with all three showing price declines in double digits.
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Lets take a look at the annual sales numbers as compiled from the local MLS database. Our data seems to point at a reasonably stable market. Aren't you glad you own here? YOU WILL NEED TO SCROLL WAY DOWN THE SCREEN TO SEE THE EMBEDED TABLES - SORRY FOR THE INCONVENIENCE!
Silver City New Mexico Regional - Sold Market Analysis 2003-2007 (below)
|2007||Total||Average Price||Median Price||DOM|
|All SOLD Listings||546||$168,177||$124,750||187|
|2006||Total||Average Price||Median Price||DOM|
|All SOLD Listings||636||$136,925||$100,000||188|
|2005||Total||Average Price||Median Price||DOM|
|All SOLD Listings||711||$136,925||$100,000||235|
|2004||Total||Average Price||Median Price||DOM|
|All SOLD Listings||622||$118,666||$90,000||210|
|2003||Total||Average Price||Median Price||DOM|
|All SOLD Listings||519||$102,340||$79,500||230|
It appears that only moderate growth (expected based upon the norms for the region) was recorded locally while other areas participated in the national boom 2004- 2006. This should equate to what we are now experiencing locally - a slowdown, but void of meaningful price reductions. We can be thankful that prices did not sky rocket here and go into a range of false and inflated values like our Florida and California friends experienced.
Home prices remain stable (and are not cheap in a traditional manner), but since we were spared a lot of excess and blue sky pricing these last few years, we should avoid any knee jerk reactions to what is (sadly) happening in major markets elsewhere.
Buyers are getting aggressive with their offers, but Sellers generally have remained firm. Yes we are shifting towards a Buyer's Market, but Sellers are still doing well and are getting close to the asking prices being advertised.It's important, whether buying or selling, to find a Realtor who will provide honest evaluations of each property based upon the "comps" and competing listings in the area.It may pay to read the following two statements carefully. It's important to understand why these statements are true in many instances.
A Realtor who will let you list your property at an unreasonable or exaggerated listing price is not your friend, and will actually cost you money in the long term (perhaps a subject for a future posting).Similarly, a Realtor who will let you place an offer on a property without discussing the market and competing properties is also no friend - and will probably cost you more money as well.