New Mexico Housing Market Remains Solid
The New Mexico housing market within the Four Corners is experiencing minor jolts and bumps, but area realtors say the bubble has not burst locally as it has elsewhere.
In fact, they say, it may never.
Statistics released from the San Juan County Board of Realtors show increasingly more units have sold between January and March. The median price has lingered around $175,000 and it takes between 70 and 90 days on average for a home to sell.
Roughly 75 owners listed their homes for sale in December but in March, the latest month statistics are available, that number doubled to more than 160. The average selling price for homes, which can be skewed by a few high-priced sales, ranged from $190,000 to $210,000 as New Mexico mortgage borrowers were not hesitant to make offers.
Valerie Uselman, a home mortgage broker with Mary Jo Walters Real Estate, described the market in San Juan County as tight and swift in 2005. It has since cooled off but she said the trend looks to be reversing itself.
“(Homes) are moving, but they’re not moving as swiftly as they were three years ago,” she said. “It’s not quite the same now, but I think the market around here will always be good.”
The Four Corners continues to awe people with its many sunny days, pleasant climate and phenomenal outdoor opportunities, she said. New Mexico properties, when compared to higher Arizona or Colorado home prices, can seal the deal.
The Durango Area Association of Realtors released its first quarter statistics on Friday, which showed a drop in median home values within La Plata County from $345,000 last year to $328,000 this year. The average home price in La Plata County also dropped from $425,000 to $412,000.
Dave McLaird, association president, said more affordable housing properties are on the market in La Plata County and they may have dropped the median home price. Despite lower numbers, he added, the overall market values continue to rise.
“We’re seeing more affordable homes selling, but modest appreciation across the board,” he said.
The number of sales dropped during the first quarter for the third consecutive year, as only 83 homes have sold this year. Properties remain on the market an average of 192 days, nearly twice the time in San Juan County.
The median home price dropped within Durango city limits to $388,000, but the average home price rose a modest 2 percent to $467,800. Since 2000, the average price for a new home in La Plata County has more than doubled from $187,000 to nearly $350,000.
This is a good sign for New Mexico home loan shoppers that wish to flip their houses in order to make a profit in a few years.
SOURCE: The Farmingtin Daily Times