Dear Angel Fire Enthusiast,
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 experienced in 2019. Here’s what we’ve uncovered.
Angel Fire, New Mexico, which also includes Black Lake, wrapped up the year with an overall 9% decrease in the number of homes sold over 2018. Overall, Angel Fire has a 10 month supply of inventory which is considered balanced in a resort community. As of January 1, 2020, inventory continues to shrink and is the lowest we’ve seen in the last decade. To help break down this data, let’s separate home sales in Angel Fire into three price points; under $500,000, $500,000 – $1 Million, and $1 Million & over.
Angel Fire is one of the last affordable ski towns in the United States. 75% of our home sales in 2019 were under $500K and people are taking notice. In this price range we saw a 28% decline in inventory and a 5% decline in homes sales. This 5% slow down over 2018 is likely a result of limited inventory. The days on market are also the lowest in this price point, with 80% of the homes selling in an average of 98 days. There is currently a 5 month supply in inventory and as we predicted, the $500K price range remains in a Sellers’ Market for the second year in a row.
The $500,000 – $1 Million price range kept relatively steady compared to 2018. Overall, we observed a 5% increase in sales and a 6% increase in inventory. Due to supply and demand, this price point has a 19 month supply of inventory, remaining in a Buyers’ Market. Interestingly enough, the most active segment in this market was the $500K to $600K price rage, which saw a huge 78% increase in sales. We believe this is being fueled by home buyers jumping up in price due to lack of inventory under $500K. For a buyer, moving into this price range increases their selection and possibly provides a better negotiation position. We’re also seeing new construction in this price range, so sellers are competing with spec homes, something we haven’t seen in Angel Fire for several years.
Finally, home sales over the $1 Million price point recorded three sales per year in each of the last three years showing that the demand for luxury homes in Angel FIre remained steady. Most notably in the data, we observed an 85% increase in the inventory over $1 Million.
The chart below breaks down the number of homes sold from 2015 through 2019.
The chart below breaks down the number of homes on market as of December 31st of each year.
Source: TCAR MLS
The Angel Fire condo market experienced a significant shift in sales in 2019. Sales were up 75% while inventory dipped 46%. We also noticed that the days on market dropped to 269 days, 91 days less than 2019. As of January 1, 2020, only 37 condos were for sale in Angel Fire, the lowest number we’ve seen since we started tracking condo data in 2012.
The chart below breaks down the number of condos sold from 2015 through 2019.
The chart below breaks down the number of condos on market as of December 31st of each year.
Source: TCAR MLS
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/.