Española, NM Metro Area Housing Market Analysis - November 2024
The housing market in the Española, NM metro area is currently experiencing a complex set of dynamics as of November 2024. The data reveals significant shifts in pricing, sales activity, and inventory levels, painting a picture of a market in transition.
The Median Sales Price in the Española area has decreased to $360,098.50, marking a substantial year-over-year decline of 15.3%. This drop in sales price contrasts sharply with the Median List Price, which has risen by 19.4% to $477,450.00. This divergence suggests a potential disconnect between seller expectations and buyer willingness, possibly influenced by broader economic factors or local market conditions.
In terms of Price Per Square Foot, the median price has increased by 19.4% to $192.89, while the Median List Price per square foot has surged by 28.5% to $209.60. These figures indicate that while overall sales prices have fallen, the value attributed to the space itself has appreciated, reflecting a nuanced valuation trend within the market.
Sales activity has seen a remarkable uptick, with Homes Sold increasing by 175.0% year-over-year to 22 units. Pending Sales have also risen significantly, up 109.1% to 23 units. This heightened activity suggests a strong buyer interest, potentially driven by the lower sales prices or other favorable market conditions.
New Listings have increased by 27.3% to 14, while inventory has grown by 80.4% to 83 units. Despite the increase in inventory, the Months of Supply have dramatically decreased by 200.0% to 3.8 months, indicating a faster turnover of available homes and a competitive market environment.
The Median Days on Market have increased slightly by 7.0% to 72 days, suggesting that while homes are selling, they may be taking slightly longer to do so compared to the previous year. The average sale to list ratio has seen a minor decline of 0.6% to 97.0%, indicating that homes are selling slightly below their list prices on average.
The percentage of Homes Sold above list price has decreased by 15.9% to 9.1%, and the rate of Price Drops has fallen by 14.8% to 15.7%. These trends suggest a cooling in aggressive bidding and pricing strategies, possibly due to the increased inventory and changing buyer dynamics.
Lastly, the percentage of homes going off the market within two weeks has decreased significantly by 36.8% to 8.7%, indicating a slower pace in quick sales compared to the previous year.
Overall, the Española, NM metro area housing market is characterized by a mix of declining sales prices, rising list prices, increased sales activity, and growing inventory. These factors suggest a market in flux, with potential opportunities for both buyers and sellers depending on their strategies and timing.
