As a Real Estate leader in Angel Fire, New Mexico, Chisum Realty Group is committed to providing you with the most accurate and timely information around the ever-changing Angel Fire Real Estate market. We’ve been rolling up our sleeves and digging into the 2016 numbers and have uncovered some very positive trends!
ANGEL FIRE HOMES
The chart below breaks down the number of homes sold from 2013 through 2016.The chart below breaks down the number of homes on market as of December 31st of each year.
The Angel Fire Real Estate market experienced a 48% increase in the number of homes sold in 2016 over 2015. Why such a dramatic increase?
First, list prices adjusted down. Angel Fire’s Real Estate prices did not fully adjust in line with the economic conditions during the recession. The majority of homes were previously priced above what the market could bear which created a stagnant market place. During the stagnant years, home inventory continued to increase pushing the supply-and-demand ratio to a hefty oversupply. As in any industry, an abundance of inventory puts downward pressure on prices and creates a Buyer’s market. In 2016 asking prices were better aligned with market conditions. This drove up the demand and resulted in increased Buyer activity as well as list price to sale price ratios.
Second, a plethora of Buyers showed up in Angel Fire as our feeder markets, such as Austin and Dallas, were experiencing diverse and booming economies. While many of our feeder markets have diversified to become more than just oil economies, oil prices will continue to play a role in the Angel Fire real estate market. However, it’s likely not as large of a contributor as it once was.
Total volume increased by 91% over 2015 driven by a 164% increase in number of home sales over $500,000, while homes under $500,000 increased by 31%.
The 48% increase in home sales moved Angel Fire from a 31 month supply of inventory to the current 18 month supply (based on Jan. 1 inventory). This points Angel Fire toward a balanced market. With the elections over and consumer confidence on the rise, we are expecting a very active 2017.
ANGEL FIRE CONDOS
The chart below breaks down the number of condos sold from 2013 through 2016.
The chart below breaks down the number of condos on market as of December 31st of each year.
The Angel Fire condo market experienced a 32% increase in sales and a corresponding decrease in inventory during 2016. With a 16-month supply of inventory currently, versus the 30-month supply of inventory this time last year, the condo market is stabilizing. Lower prices are the reason for this increased demand. Sales of condos priced over $120,000 decreased by 37% from 2015, while sales of condos priced under $120,000 increased by 100%.
The bottom line is that Angel Fire is still experiencing a Buyer’s market, although as supply continues to decrease that may not last for long.
For details about how this data affects your purchasing or selling goals, please call Keller Williams Realty, Angel Fire at 575-613-1810.
All data is provided by TCAR MLS.