The ski season is off to a great snowy start, and with the new year upon us, the team at Chisum Realty Group is taking time to reflect on the real estate activity Angel Fire has experienced in 2018. Here’s what we uncovered.
The chart below breaks down the number of homes sold from 2014 through 2018.
The chart below breaks down the number of homes on market as of December 31st of each year.
Angel Fire, New Mexico, which also includes Black Lake, wrapped up the year with an overall 22% increase in the number of homes sold over 2017. This 22% increase continues the impressive three year upward trend and as we predicted, has moved Angel Fire from a Buyers’ market to a Balanced market! As of January 1, 2019 inventory was the lowest we’ve seen in the last five years. To help break down this data, lets separate home sales in Angel Fire into three price points, under $500,000, $500,000 to $1,000,000 and over $1,000,000.
The under $500,000 price point makes up 81% of the homes sales in 2018. In this price range we saw a 14% increase in home sales combined with a 22% decrease in inventory. This leaves Angel Fire, as of January 1, 2019, with a 6.5 month supply of homes under the $500K price range, establishing a Sellers’ market! This increased demand combined with decreased inventory can put upward pressure on prices. Winter months are subject to low inventory due to the seasonal nature of Angel Fire. Therefore, we’ll be monitoring closely to see how many homes enter the market during the spring listing season. We expect to see a Sellers’ market in the under $500,000 price point for the remainder of 2019.
The most significant change was in the $500,000 to $1,000,000 price range. Home sales were up 100% and inventory decreased by 18% over 2017, a sharp contrast from last year. There is plenty of home inventory available as we’re currently sitting with an 18.5 month supply, sustaining a Buyers‘ market. If the increase in demand continues through 2019, we expect this price segment to move into a Balanced market.
Finally, home sales in the over $1,000,000 price point remain steady with no increase in sales over 2017. Inventory did pick up by 44% providing many wonderful options for the luxury home Buyers.
ANGEL FIRE CONDOS
The chart below breaks down the number of condos sold from 2014 through 2018.
The chart below breaks down the number of condos on market as of December 31st of each year.
The condo market experienced a change. Volume is down by 23% and sales are down by 7% over 2017. This results in a 17 month supply of inventory which means the condo market slipped further into a Buyers’ market. One possible influencing factor to this downswing could be the low snowpack of the 2017/2018 ski season as the condo market is closely tied to the ski area.
For details about how this data affects your purchasing or selling goals, please call Chisum Realty Group, at 575-377-2321. If you would like to receive our bi-annual real estate market report by email, please visit chisumgroup.com/sign-up/.
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Tara, thank you for this report. It looks like AF has some momentum going into 2019. As a new buyer it gives me confidence that my investment was a good one. One suggestion for next years report, if readily available, is to include data on lot inventory, lot sales, and new construction. It seems that these would be good indicators of market strength. Congratulations on your success.
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Hi Mike, we’re glad you found this information useful and thanks for the suggestion. We’ll look into it for our next report.