The first 4 months of the year in Deming, NM

The market seems busier than it did this time last year, and the sales numbers are a little better, but the prices aren’t.

Jan 1 – Apr 30, 2013

46 Residences sold.  Dollar amount $4,622,184 with an Average Price of $100,482 and a Median Price of $100,000.

Jan 1- Apr 30, 2014

53 Residences sold.  Dollar amount $4,283,550 with an Average Price of $80,822 and a Median Price of $76,000.

There are lots of changes going on in Deming and Luna County this year.  By July 1st we will have a new County Administrator, City Administrator, Superintendent of Schools, Deming Mayor and one new City Councilman.  By the first of the year we will also have a new Sheriff and possibly more changes.  Wonder what all those new people will bring to the table.

We need to do something to stimulate some growth and economic improvement in our area.  I realize this is not just our problem, but we certainly have room for improvement.  Maybe it’s time for the citizens and business people here to give some ideas to the officials and try to help out.  We have had positive things happen here too…a new IHOP Restaurant, Holiday Inn Express, Tractor Supply, Dollar General are fairly recent additions.  The Walgreens is coming along quickly as well as the Medical Building near the Mimbres Memorial Hospital.  Those things are adding a few jobs but it would be nice to see a larger employer come in.  Do you have any ideas???  Now is the time to let them be heard.

Just sayin’…

 

Housing trends from the Nations Assn. of REALTORS

Existing-Home Sales Remain Soft in March

Media Contact: Walter Molony / 202-383-1177 / Email

WASHINGTON (April 22, 2014) – Existing-home sales were essentially flat in March, while the growth in home prices moderated, according to the National Association of Realtors®. Sales gains in the Northeast and Midwest were offset by declines in the West and South.

Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 0.2 percent to a seasonally adjusted annual rate of 4.59 million in March from 4.60 million in February, and are 7.5 percent below the 4.96 million-unit pace in March 2013. Last month’s sales volume remained the slowest since July 2012, when it was 4.59 million.

Lawrence Yun, NAR chief economist, said that current sales activity is underperforming by historical standards. “There really should be stronger levels of home sales given our population growth,” he said. “In contrast, price growth is rising faster than historical norms because of inventory shortages.”

Yun expects some improvement in the months ahead. “With ongoing job creation and some weather delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly.”

The median existing-home price2 for all housing types in March was $198,500, up 7.9 percent from March 2013. Distressed homes3 – foreclosures and short sales – accounted for 14 percent of March sales, down from 16 percent in February and 21 percent in March 2013. “With rising home equity, we expect distressed homes to decline to a single-digit market share later this year,” Yun said.

Ten percent of March sales were foreclosures, and 4 percent were short sales. Foreclosures sold for an average discount of 18 percent below market value in March, while short sales were discounted 12 percent.

Total housing inventory4 at the end of March rose 4.7 percent to 1.99 million existing homes available for sale, which represents a 5.2-month supply at the current sales pace, up from 5.0 months in February. Unsold inventory is 3.1 percent above a year ago, when there was a 4.7-month supply.

The median time on market for all homes was 55 days in March, down from 62 days in February, and also 62 days on market in March 2013. Short sales were on the market for a median of 112 days in March, while foreclosures typically sold in 55 days and non-distressed homes took 53 days. Thirty-seven percent of homes sold in March were on the market for less than a month.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.34 percent in March from 4.30 percent in February; the rate was 3.57 percent in March 2013.

First-time buyers accounted for 30 percent of purchases in March, up from 28 percent in February; they were 30 percent in March 2013.

NAR President Steve Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio, said first-time buyers have been stuck in a rut. “There are indications that the stringent mortgage underwriting standards are beginning to ease a bit, particularly regarding credit score requirements, but they remain a headwind for entry-level and single-income home buyers,” he said.

“We also have tight inventory in the lower price ranges where many starter homes are found, but rising new-home construction means some owners will be trading up and more existing homes will be added to the inventory. Hopefully, this will create more opportunities for first-time buyers,” Brown said.

All-cash sales comprised 33 percent of transactions in March, compared with 35 percent in February and 30 percent in March 2013. Individual investors, who account for many cash sales, purchased 17 percent of homes in March, down from 21 percent in February and 19 percent in March 2013. Seventy-one percent of investors paid cash in March.

Single-family home sales were unchanged at a seasonally adjusted annual rate of 4.04 million in March, the same as February, but are 7.3 percent below the 4.36 million pace a year ago. The median existing single-family home price was $198,200 in March, which is 7.4 percent above March 2013.

Existing condominium and co-op sales declined 1.8 percent to an annual rate of 550,000 units in March from 560,000 in February, and are 8.3 percent below the 600,000 level in March 2013. The median existing condo price was $200,800 in March, up 11.6 percent from a year ago.

Regionally, existing-home sales in the Northeast rose 9.1 percent to an annual rate of 600,000 in March, but are 4.8 percent below March 2013. The median price in the Northeast was $244,700, up 3.2 percent from a year ago.

Existing-home sales in the Midwest rose 4.0 percent in March to a pace of 1.04 million, but are 10.3 percent below a year ago. The median price in the Midwest was $149,600, which is 5.9 percent above March 2013.

In the South, existing-home sales declined 3.0 percent to an annual level of 1.92 million in March, and also are 3.0 percent below March 2013. The median price in the South was $173,000, up 6.7 percent from a year ago.

Existing-home sales in the West fell 3.7 percent to a pace of 1.03 million in March, and are 13.4 percent below a year ago. The median price in the West was $289,300, which is 12.6 percent higher than March 2013.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

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NOTE:  For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

1Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample – about 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to a seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

3Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at Realtor.org.

4Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

Realtor.com®, NAR’s listing site, posts metro area median listing price and inventory data at: www.realtor.com/data-portal/Real-Estate-Statistics.aspx.

The Pending Home Sales Index for March will be released April 28, and existing-home sales for April is scheduled for May 22. First quarter metropolitan area home prices will be published May 12; all release times are 10:00 a.m. EDT.

Houseing Trends from the REALTORS Assn. of New Mexico

March New Mexico Housing Market vs. National Trends
The latest reports from the NATIONAL ASSOCIATION OF REALTORS (NAR) indicate nationally sales numbers are decreasing slightly and prices are rising. New Mexico seems to be an exception to this trend.
March 2014 found more property sales reported to the REALTORS Association of New Mexico (RANM) than March 2013 but the statewide median price for 2014 was slightly lower than the median reported for March 2013. Median price indicates half the properties sold for more and half for less
“Even though the statewide median price for 2014 was 1.5% lower than the median reported in 2013, the nearly 9% increase in the number of reported sales resulted in a 25% increase in total volume of dollars generated comparing this March to last year,” reports Sandylee Pasquale, 2014 RANM President.
March 2013 Sales: 1294
March 2014 Sales: 1409
March 2013 Median: $171,500
March 2014 Median: $169,000
March 2013 Volume: $270,044,149
March 2014 Volume: $338,048,990
“RealtyTrac’s latest report shows homeowners are continuing to recover equity lost in their homes. This is helping the economy through increased consumer spending,” says RANM CEO M. Steven Anaya. “At the same time, home prices have been rising faster than incomes, while mortgage interest rates are above the record lows of a year ago. This is beginning to hamper housing affordability.”
The January and February 2014 statewide median prices were higher than those reported in 2013, so even with the slight drop in the March median this year, 2014’s year-to-date and first quarter median price of $169,900 is higher than the 2013 first quarter price of $165,477 or the 2012 median of $159,900.
Year to date (1st quarter) number of sales also continues upward.
First Quarter 2011: 2785 sales
First Quarter 2012: 3019 sales
First Quarter 2013: 3350 sales
First Quarter 2014: 3516 sales
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.”
Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to U. S. House Stats. Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLIS, New Mexico Multi-Board MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Board of REALTORS, Roswell Association of REALTORS, Ruidoso/Lincoln County Association of REALTORS, Santa Fe Association of REALTORS, San Juan County Board of REALTORS, Silver City Regional Association of REALTORS, and the Taos County Association of REALTORS. Reports represent single family residential data only. Information does not necessarily represent all activity in any market/county. Figures based on reports run 4/17/14. Visit http://www.nmrealtor.com (housing trends) for county and board statistics.
The REALTORS Association of New Mexico is one of the state’s largest trade associations, representing over 5,500 members involved in all aspects of the residential and commercial real estate market.
2201 Brothers Road Santa Fe, NM 87505 505-982-2442 505-983-8809 Fax http://www.nmrealtor.com

I’m alive!

Looks like it’s been months since I posted anything on this blog! I will try to be better about that.

Real estate is alive and well in Deming, NM. There is room for improvement be we are selling houses. The interest rates are still good and we have plenty of inventory to chose from so come on down! You can even get a loan if you have good credit and your debt ratio is not too high. Give us a call and we can help you out.

We sold more houses in 2013 than we did the previous year. And it’s the first time we could say that since 2007 so things are looking up. The prices are remaining about the same so now is the time to buy! It cannot get better…interest rates are low, prices are the same and there is plenty of inventory. If you have been waiting for the perfect time to buy…this is it. Go to a lender and get pre-qualified and give us a call. In the meantime you can start shopping at http://demingrealty.com. Call us for an appointment at 575-546-8818! Merline Henlsey, Larry Carreon, Eva Luna or Totsie Slover will be happy to help you find the right house for you! If you are looking for a rental in the meantime, we do property management too. We look forward to working with you!

Oh…just in case you are outside that area…the temperature this week has been in the mid to high 70s and the lows have been in the high 30s! It’s a great place to live!

Oct. 3, 2013 – What Does the Government Shutdown Mean for REALTORS®?

Oct. 3, 2013 – What Does the Government Shutdown Mean for REALTORS®?

From the National Association of REALTORS website.

Congress has failed to approve a Continuing Resolution (CR) providing funding for most government operations. Therefore, spending authority for most of the government expired at midnight on Sept. 30, 2013. Until legislation providing for funding is signed into law, many offices and programs of the federal government are now shut down. This means many, but not all, government programs, including some that impact federal housing and mortgage programs, have been suspended or slowed due to the lapse in government funding. The Office of Management and Budget (OMB) requires each agency to have contingency plans in place. The information below is based on NAR staff review of agency agency contingency plans for the current shutdown and past experience with previous shutdowns and near-shutdowns. Download PDF summary.

Latest Status Information

(as of Oct. 3, 2013 2PM ET)

Internal Revenue Service (IRS)
The IRS is closed and has suspended the processing of all forms, including requests for tax return transcripts (Form 4506T). While FHA and VA do not require these transcripts, they are required by many lenders for many kinds of loans, including FHA and VA, so delays can be expected if the shutdown is protracted. We have received indications that many loan originators are adopting revised policies during the shutdown, such as allowing for processing and closings with income verification to follow, as long as the borrower has signed a Form 4506T requesting IRS tax transcripts. On loans requiring a Form 4506T Fannie Mae and Freddie Mac have also adopted relaxed provisions allowing closings but subject to tax transcript verification before the GSE’s purchase the loans.

Social Security Administration (SSA)
The Social Security Administration is closed and has suspended most customer service functions. According to the SSA Contingency Plan, verifying Social Security numbers through the Consent Based SSN Verification Service will also be suspended during the shutdown, a further complication for mortgage processing. As with IRS income verification, policies vary among lenders, with many choosing to exercise forbearance during the shutdown period subject to subsequent verification. Fannie Mae and Freddie Mac have also adopted policies to allow for closing subject to subsequent verification and before GSE purchase of the loan.

Department of the Interior – Bureau of Indian Affairs (BIA)
BIA has announced that there will be no processing or recording of property transactions on Leased Indian Tribal Land during the government shutdown.

Additional Status Information

(as of Oct. 1, 2013 7AM ET)

Federal Housing Administration
HUD’s Contingency Plan states that FHA will endorse new loans in the Single Family Mortgage Loan Program, but it will not make new commitments in the Multi-family Program during the shutdown. FHA will maintain operational activities including paying claims and collecting premiums. Management & Marketing (M&M) Contractors managing the REO portfolio can continue to operate. You can expect some delays with FHA processing.

VA Loan Guaranty Program
Lenders will continue to process and guaranty mortgages through the Loan Guaranty program in the event of a government shutdown. Expect some delays during the shutdown.

Flood Insurance
The Federal Emergency Management Agency (FEMA) confirmed that the National Flood Insurance Program (NFIP) will not be impacted by a government shutdown, since NFIP is funded by premiums and not tax dollars. Changes to the flood insurance program scheduled to take effect on Oct. 1 will be implemented as scheduled.

Rural Housing Programs
For the U.S. Department of Agriculture programs, essential personnel working during a shutdown do not include field office staff who typically issue conditional commitments, loan note guarantees, and modification approvals. Thus, lenders will not receive approvals during the shutdown. If the lender has already received a conditional commitment from the Rural Development office, then the lender may proceed to close those loans during the shutdown. A conditional commitment, which is good for 90 days, is given to a lender once a USDA Underwriter approves the loan. If a commitment was already issued, the funds were already set aside and the lender may close the loan at its leisure. If Rural Development has not issued a conditional commitment, the lender must wait until funding legislation is enacted before closing a loan.

It is important to note that the traditional definition of “rural” for qualifying communities for assistance will be continued in effect during the shutdown.  We expect that language to continue the current definition will be included in whatever funding measure is eventually enacted.

Government Sponsored Enterprises
Fannie Mae and Freddie Mac will continue operating normally, as will their regulator, the Federal Housing Finance Agency, since they are not reliant on appropriated funds.

Treasury
The Making Home Affordable program, including HAMP and HAFA, will not be affected as the program is funded through the Emergency Economic Stabilization Act which is mandatory spending not discretionary.

Stay Informed

The latest information will continue to be posted to realtor.org/governmentshutdown.

Residential sales from the REALTORS Assn. of NM

New Mexico Housing Market On Slow Road to Recovery

Housing trends reported to the REALTORS Association of New Mexico (RANM) for April show a continuing increase in the number of sales, while monthly median prices are slightly lower than prices recorded in April of 2011 and 2012.

New Mexico reflects national growth in number of sales. 1,387 April 2013 New Mexico sales were reported to RANM. In April of 2012, 1,273 sales were reported and in April of 2011, there were 1,110 reported sales. 2013 year to date sales are nearly 10% more than 2012 and over 20% more than 2011 numbers. Homes are selling at a faster pace than previous years which is good news for sellers.

Citing research from the NATIONAL ASSOCIATION OF REALTORS, RANM President Cathy Colvin reports, “Existing-home sales continue to improve, although inventory constraints are preventing stronger growth. After four years of relatively flat activity from 2008 through 2011, nationally, existing home sales rose 9.4 percent to almost 4.3 million in 2012 and are forecast to increase to nearly 5.0 million this year.”

New Mexico median prices (median price indicates half the properties sold for more and half for less) for the month of April 2013 show a -0.3% decrease from April 2012 ($164,000 to $164,490) and a

-0.6% decrease from April 2011 when the reported median was $165,000.

M. Steven Anaya, RANM CEO, says “Nationally, median home prices are rising. While April 2013 median prices dropped slightly, year to date New Mexico median prices reflect this rising trend. Year to date April 2012 New Mexico median was $160,000; January through April 2013 median is reported at $165,000.”

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.

Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to U. S. House Stats.

Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLIS, New Mexico Multi-Board MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Board of REALTORS, Roswell Association of REALTORS, Ruidoso/Lincoln County Association of REALTORS, Santa Fe Association of REALTORS, San Juan County Board of REALTORS, Silver City Regional Association of REALTORS, and the Taos County Association of REALTORS. Reports represent single family residential data only. Information does not necessarily represent all activity in any market/county. Figures based on reports run 5/21/13. Visit http://www.nmrealtor.com (housing trends) for county and board statistics.

 

The REALTORS Association of New Mexico is one of the state’s largest trade associations, representing over 5,400 members involved in all aspects of the residential and commercial real estate market.

 

Ok…this looks good.

I just ran MLS sold stats from the first quarter of 2013 compared to the first quarter of 2012. And I think you’ll like it too!

Residential Sales Jan 1 – Mar 31. 2013. 28 sales closed for a total value of $3,178,184 with and average price of $113,507 and a median price of $112,500. Average days on the market – 205.

Residential sales from Jan 1 – Mar 31, 2012.  22 sales closed for a total value of $1,890,600 with an average price of $85,936 and a median price of $79,000. 183 average days on the market.

There is certainly room for improvement, but at we’re doing better than we were! Thank God! Let’s just hope it keeps improving!

There are still plenty of houses listed so give us a call! We’ll be happy to help you find the perfect house for you!

Sold stats Deming, NM Jan 2013

The sold stats from the local MLS seem to be in line with the state…we sold more residential properties in January, 2013 than in January, 2012 but for a little less money.  In January, 2013 there were 11 residential properties sold for a Total Price of $1,224,884 with an Average Price of $111,353, a Median Price of $110,000 and 219 Average Days On The Market.

In 2012 there were 6 residential properties sold for a Total Price of $801,000 with an Average Price of $133,500, a Median Price of $136,750 and 155 Average Days On The Market.

There are currently 229 residential properties listed for sale in the Deming/Luna County area.  The inventory is out there!  It’s time to buy!  Get qualified at your lender of choice and come see us!!!

January Sales from the REALTORS Assn. of New Mexico

For Immediate Release

Contact: M. Steven Anaya, 800-224-2282

January Home Sales Off and Running

970 home sales were reported to the REALTORS® Association of New Mexico (RANM) for January 2013. This is over 19% more sales than January 2012 and nearly 24% more than the number of sales reported in January 2011. Only four counties reported a drop in the number of sales for January 2013 compared to January 2012.

“What a great way to start 2013,” said Cathy Colvin, RANM President. “Inventories are still low in many markets, but the pent-up demand for homes is creating activity in markets around the state.”

According to RANM CEO M. Steven Anaya, “Prices are still showing decreases from previous years. The good news, however, is that median price decreases are getting smaller with each month. While distressed sales are still high by historical standards, they have fallen from their peaks in most markets, helping to alleviate the downward pressure on home prices in many areas.”

January’s reported median for New Mexico properties was $159,500. While this is just over 4% lower than the January 2011 median of $168,500, it is only 1.1% lower than the January 2012 median of $161,240. Median price indicates half the properties sold for more and half for less.

Tight lending standards, uncertainty in the market, and pending federal legislation still play a role in preventing an unqualified housing recovery. Americans however, still want to call themselves homeowners. A recent NATIONAL ASSOCIATION OF REALTORS® survey showed nearly 60 percent of current renters plan to purchase a home in the next two years.

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.

Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to U. S. House Stats.

Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLIS, New Mexico Multi-Board MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Board of REALTORS, Roswell Association of REALTORS, Ruidoso/Lincoln County Association of REALTORS, Santa Fe Association of REALTORS, San Juan County Board of REALTORS, Silver City Regional Association of REALTORS, and the Taos County Association of REALTORS. Reports represent single family residential data only. Information does not necessarily represent all activity in any market/county. Figures based on reports run 2/18/13. Visit http://www.nmrealtor.com (housing trends) for county and board statistics.

The REALTORS Association of New Mexico is one of the state’s largest trade associations, representing over 5,800 members involved in all aspects of the residential and commercial real estate market.

2201 Brothers Road Santa Fe, NM 87505 505-982-2442 800-224-2282 fax 505-983-8809 nmrealtor.com