New Mexico Single Family Home Sales Q1 2006 vs Q1 2007

Thought you might find the sales data comparing NM single family home sales from First Quarter 2007 vs. First Quarter 2006 interesting. This is broken down by market areas. Silver City sales data comparison is particularly interesting.

	First Quarter 2006		First Quarter 2007		Percentage Change
AREA	Units	Average Sales Price	Units	Average Sales Price	Units	Average Sales Price
Albuquerque	2701	$214,873	2367	$236,098	-12.37%	10%
Angel Fire	7	$374,200	3	$260,833	-57.14%	-30%
Artesia	29	$92,829	41	$115,829	41.38%	25%
Carlsbad	73	$108,586	85	$128,565	16.44%	18%
Clovis	169	$115,402	127	$119,568	-24.85	4%
Deming	56	$112,209	41	$110,061	-26.79%	-2%
Gallup	22	$183,059	34	$174,866	54.55%	-4%
Grants	5	$136,483	5	$106,119	0%	-22%
Hobbs	72	$109,380	58	$136,877	-19.94%	25%
Las Cruces	437	$208,589	405	$241,242	-7.32%	16%
Las Vegas	40	$102,927	24	$133,555	-40%	30%
Otero Co	228	$137,769	183	$140,455	-19.74%	2%
Roswell	153	$113,814	146	$117,351	-4.58%	3%
San Juan Co	212	$188,657	225	$200,297	6.13%	6%
Santa Fe	421	$488,591	318	$551,706	-24.27	13%
Sierra Co	33	$125,428	24	$$141,950	-24.47	13%
Silver City	93	$189,929	66	$189,981	-29.03%	0%
Taos	103	$317,283	88	$359,875	-14.56%	13%
TOTALS	4854	$174,737	4240	$182,380	-12.65%	4%

Stats taken from local RE Boards / Associations / MLS Databases / Publications

Sales of NM Single Family Homes in the first Quarter of 2007 was off by 12.65% over the first quarter of 2006 (2006 was generally a very good sales year by any standard). The average selling price per home actually increased by 4%. This implies that there are still a lot of folks who are investing their cash and their hearts in our state. Although a 4% increase is below the traditional average increase that you might expect with real estate, it suggests a healthy situation with Buyer interest remaining stable.


Silver City data is some of the more interesting data found, and on the surface might be a bit misleading. Silver City area sales showed a pull back in sales of nearly 30% in the first quarter. However average selling price remained a constant - with virtually no reduction in average SOLD price. This can be partially attributed to the previously mentioned "very good" 2006 sales data which we are comparing to. The fact that there was a substantial reduction in total units SOLD but with prices virtually unchanged would seem to imply that a reasonably strong market exists in the area. Generally housing prices follow the numbers of total units listed and numbers of total units sold. If this held true for Silver City and if the market was truly in decline and taking a beating, prices would follow suit and drift downward to reflect a decline in interest. We haven't seen it happening here.

Personal overview and opinion of the local market: Homes that are priced well for condition and area are selling in a close to normal and a reasonable time frame. The fact that discounting from listed price remains minimal also shows strength in our market. The overall softening seen in the US market seems to be mostly localized with some areas in the USA showing little to no effect while others are in hurtin' mode for sure. New Mexico and Silver City remain (for the time being anyway) relatively untouched by the meltdown in subprime loan issues and general market trends seen in other more volatile markets...

What is my house worth in today's market? Visit Archer's Dream Home New Mexico and use the online form there to request a free CMA (Market Analysis).

Yes the market has softened some. But considering that higher dollar (and second home) properties actually are showing some strength, we are far from becoming the Buyer's market that so many have rumored and predicted we would be seeing at this time. I feel the Silver City market remains healthy for Buyers and Sellers, and it is both a good place to live and also a good time to invest in Single family homes here. I feel there is little downside to purchasing today at fair and reasonable prices. But since there are sellers pressing the upper price ranges in an attempt to get more than fair value for their property, if you are looking at purchasing in the area, it would serve you well to find a real estate professional that has a good handle on the changing local market conditions and can help you determine what actually is fair value and what might be considered blue sky.

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