REALTORS Association of New Mexcio2012 RANM OFFICERS
Debbie Rogers CRS, GRI, e-PRO President
Cathy Colvin CRS President-Elect
Sandylee Pasquale, Treasurer
M. Steven Anaya Executive Vice President
For Immediate Release
Contact: M. Steven Anaya, 800-224-2282
Sales Numbers Continue to Increase; Median Prices Show Stabilization
The following numbers have been reported to the REALTORS Association of New Mexico (RANM):
September 2012 sales: 1,333
September 2011 sales: 1,110
September 2010 sales: 1,076
3rd Quarter 2012 sales: 4,193
3rd Quarter 2011 sales: 3,584
3rd Quarter 2010 sales: 3,352
Year to Date* 2012 sales: 11,261
Year to Date* 2011 sales: 9,978
Year to Date* 2010 sales: 10,418
September 2012 median: $170,000
September 2011 median: $170,011
September 2010 median: $180,000
3rd Quarter 2012 median: $170,000
3rd Quarter 2011 median: $170,000
3rd Quarter 2010 median: $179,000
Year to Date* 2012 median: $166,500
Year to Date* 2011 median: $167,500
Year to Date* 2010 median: $174,000
“The continued rise in the number of sales in New Mexico is good news,” says Debbie Rogers, 2012 President of RANM. “And it’s the same old story about median prices. Distressed properties are still affecting the median price of all homes sold. The good news is, the drop in median from the previous reporting period is less each report, indicating market prices are slowly stabilizing.” Median price indicates half of the properties sold for more and half for less.
“While the New Mexico market is seeing a light at the end of the tunnel, appraisals are still creating issues in the state and nationwide,” according to M Steven Anaya, RANM CEO. Anaya cites findings from a recent survey conducted by the NATIONAL ASSOCIATION OF REALTORS (NAR). “While most appraisers are competent and provide good valuations that are compliant with the Uniform Standards of Professional Appraisal Practice, appraisals generally lag market conditions and some changes to the appraisal process have been causing problems in recent years, including the use of out-of-area valuators who lack local expertise, full access to local data, inappropriate comparisons, and excessive lender demands.”
NAR’s national survey revealed 65 percent of REALTORS® surveyed in September report no contract problems relating to home appraisals over the past three months. 11 percent said a contract was cancelled because an appraised value came in below the price negotiated between the buyer and seller, 9 percent reported a contract was delayed, and 15 percent said a contract was renegotiated to a lower sales price as a result of a low valuation. These findings are notable given that homes in many areas are selling for less than replacement construction costs.
Lawrence Yun, NAR chief economist, said there has been a steady level of appraisal issues for quite some time. “Though the real estate recovery is taking place, the combined issues of stringent mortgage lending requirements and appraisal frictions are hampering otherwise qualified buyers from purchasing a home in a timely fashion, and in some cases are preventing them from buying at all,” he said.
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.
*Year to Date = January through September
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 10/18/12. 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 800-224-2282 fax 505-983-8809 nmrealtor.com