New Mexico Housing Market: September 2024 Analysis
The New Mexico housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $376,700, reflecting a modest year-over-year increase of 0.8%. This suggests a slight appreciation in home values, albeit at a slower pace compared to previous years.
Conversely, the Median List Price has decreased by 3.8% year-over-year, now at $388,800. This decline indicates that sellers may be adjusting their expectations in response to market conditions, potentially to attract more buyers in a competitive environment.
The median Price Per Square Foot has seen a slight increase of 0.9% year-over-year, reaching $220. Meanwhile, the Median List Price per square foot has risen by 3.0% to $218. These figures suggest that while overall list prices are declining, the value attributed to the space itself is experiencing a modest rise.
In terms of sales activity, the number of Homes Sold has decreased by 9.6% year-over-year, with 801 Homes Sold in September 2024. Pending Sales have also declined by 9.0%, totaling 1,093. This reduction in sales activity could be attributed to various factors, including economic conditions or buyer hesitancy.
New Listings have increased significantly by 12.2% year-over-year, reaching 1,152. This influx of New Listings, coupled with a 27.0% increase in inventory, suggests that more homeowners are entering the market, potentially in response to the increased Months of Supply, which has surged by 140.0% to 4.8 months. This indicates a shift towards a more balanced market, with more options available for buyers.
The Median Days on Market have increased by 15.0% year-over-year, now at 53 days. This suggests that homes are taking longer to sell, possibly due to the increased inventory and slower sales pace.
The average sale to list ratio has seen a slight increase of 0.4% year-over-year, now at 97.9%. This indicates that homes are selling closer to their list prices. However, the percentage of Homes Sold above list price has decreased by 0.6%, now at 4.7%, suggesting that bidding wars may be less common than in previous years.
Price Drops have increased slightly by 0.3% year-over-year, now at 22.6%, indicating that sellers may be more willing to negotiate on price. Additionally, the percentage of homes going off the market in two weeks has decreased by 1.6%, now at 28.7%, further highlighting the slower pace of sales.
Overall, the New Mexico housing market in September 2024 is characterized by a mix of rising inventory and slower sales, with modest changes in pricing metrics. These trends suggest a market in transition, with potential opportunities for both buyers and sellers as they navigate the evolving landscape.
