As the knowledge broker in Northern New Mexico, we’ve been digging into the 2020 mid-year data to help you understand the Real Estate market.
The real estate market in Angel Fire has been on an upward trend for a few years and 2019 appeared to be the year the market peaked. Then 2020 arrived and the market started to change. The first quarter was surprising as residential sales were up 38%. Then in March, COVID-19 became widespread and our state issued its first Public Health Order, including a stay at home order.
As restrictions were put in place, the first thing we noticed was that many homeowners decided to put their plans of selling on hold. But if you break it down, 2020 started out very active with a 38% increase in residential listings in the first quarter, but the second quarter took a huge dive with a 49% decrease. By mid-year, home inventory was down 34% with condos exacerbating the trend with a 61% decrease. We believe that home inventory will continue to lag behind last year as the pandemic plays out.
As inventory decreased, home sales saw a slight uptick at 9%. This increase in demand, combined with a lack of inventory, chipped away at days on market, falling 37% to only 194 days. This is the lowest days on market we’ve seen in the last decade.
Angel Fire is still an affordable resort town with the median home price of only $345,000. But homes in the under $500K price range are hard to come by, sell quickly, and saw a 48% reduction in home inventory. The under $500K price range keeps moving deeper into a sellers’ market with a 7 month supply. Eagle Nest, our neighbor to the north, appears to be benefiting from the lack of lower end options in Angel Fire. Eagle Nest had a surprising 12 sales in the first half of the year, up from only 1 the previous year.
While the $500-$1M price range is currently in a buyer’s market, we are seeing increased demand. The $500K range was up 100% over last year as buyers moved up in price for more options. The $1M+ luxury market is the only segment where supply increased and it had 2 sales this year compared to 1 last year.
Now more than ever, it’s important to work with a data driven team like ours to help you navigate this market and to ensure that you are comfortable and confident in your decision. To discuss how the current market affects your real estate goals, please give Tara Chisum a call at 575-377-2321.
The chart show the sold market from January through June by year. Date source: TCAR MLS