New Mexico Housing Market Analysis - August 2024
The housing market in New Mexico for August 2024 presents a hot situation with varying trends across different metrics. Below is a detailed analysis of the key data points.
Median Sales and List Prices
The Median Sales Price for homes in New Mexico stands at $376,300, reflecting a modest year-over-year (YoY) increase of 1.5%. Conversely, the Median List Price has slightly decreased by 0.3% YoY, now at $408,000. This divergence suggests that while sellers are adjusting their expectations, the actual sale prices are holding steady or slightly increasing.
Price Per Square Foot
The median Price Per Square Foot has seen a significant rise, now at $224, marking a 5.8% YoY increase. Similarly, the Median List Price per square foot has surged by 8.4% YoY, reaching $232. These increases indicate a growing valuation of property on a per-square-foot basis, which could be attributed to higher demand for quality space or improvements in property conditions.
Sales and Inventory
The number of Homes Sold has decreased by 8.4% YoY, with 963 Homes Sold in August 2024. Pending Sales have also seen a substantial decline of 19.8% YoY, totaling 1,116. New Listings have remained relatively stable with a slight decrease of 0.5% YoY, amounting to 1,274 New Listings. However, inventory has increased significantly by 23.4% YoY, now at 3,747 homes. The Months of Supply have doubled, now at 3.9 months, indicating a more balanced market compared to the previous year.
Market Dynamics
The Median Days on Market have increased by 10.0% YoY, now averaging 44 days. This suggests that homes are taking longer to sell compared to last year. The average sale to list ratio has decreased by 1.2% YoY, now at 98.0%, indicating that homes are selling slightly below their list prices. The percentage of Homes Sold above list price has also decreased by 1.6% YoY, now at 5.3%.
Price Adjustments and Off-Market Trends
The percentage of Price Drops has increased by 3.5% YoY, now at 26.5%, suggesting that sellers are more frequently adjusting their prices to attract buyers. The percentage of homes going off-market within two weeks has decreased by 3.8% YoY, now at 27.5%, indicating a slower pace in the market.
In summary, the New Mexico housing market in August 2024 shows a mix of rising property valuations on a per-square-foot basis and increased inventory, coupled with slower sales and longer time on the market. These trends suggest a shift towards a more balanced market, with buyers having more options and sellers needing to be more competitive with their pricing strategies.
