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Tuesday, 20 August 2019
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This Old House - Do-it-Yourself

New Mexico Maintains Robust Housing Sales

Written by Posted On Saturday, 10 August 2019 13:59

There’s excellent news for home owners across New Mexico and those interested in foraying into the market there; the state managed to maintain robust levels of housing sales in the first half of 2019, though overall sales did decline from their 2018 figures. Local investors and state officials have touted the statistics as being a sign of positive economic progress, and with the exception of 2018, it appears that 2019 may be the best year for housing sales in the state since the 2008 recession.

Here’s a breakdown of New Mexico’s housing sales figures, and why the Land of Enchantment will remain alluring to prospective homebuyers for the immediate future.

More than 2,500 properties were sold in May alone

One of the most promising signs for New Mexico and its housing market is that the month of may saw more than 2,500 properties change hands, according to Paul Wilson, president of the New Mexico Association of Realtors. Not only did many properties, but they did so quickly; the average days on market for most properties was 65, an admirably short period and the shortest recorded in the past two years. According to a report from Ruidoso News, local economic conditions have contributed greatly to the quick turnover, as local homebuyers are clearly feeling confident in their finances.

Nevertheless, some analysts continue to nurture doubts about the long-term wellbeing of the U.S. housing market, especially since trade and economic tensions have escalated in such a way that foreign buyers are recalcitrant to purchase property in the United States. Foreign property sales were down by as much as $43 billion from last year, according to one report, demonstrating the severity of the ongoing trade war and illustrating the diverse ways it impacts the U.S. economy. Nevertheless, the New Mexico housing market appears to be vibrant and enduring of the economic conflict.

There’s a strong chance that local political leadership has helped housing conditions, too. In Santa Fe, for instance, the local mayor has eyed publicly owned property that’s currently under the city’s domain as an ideal place for additional housing developments. With local news sources across the Land of Enchantment reporting that housing developments are an eager investment in all four corners of the state, it’s safe to say that political leaders are eager to keep fueling the ongoing housing boom.

Major investments are coming

It’s not only local mayors and relatively small housing developments that are in the works, either. Major investments are coming to the state, such as that recently touted by Monarch, which intends to expand greatly into the New Mexico area. The investment and management group has already acquired a 176-unit property, for instance, and its median income of $60,000 guarantees it will prove to be a wise investment in the immediate future.

As more companies like Monarch eye New Mexico as a potential investment hotspot for a holding company, it stands to reason that the Land of Enchantment will be swelling with housing developments for the foreseeable future. Nevertheless, growing concerns about a forthcoming recession which could hit the U.S. economy harshly have tempered spirits elsewhere in the country. The president’s recent economic moves against China, for instance, have upset the stock market and concerned bond traders, and economic calamity in one sector could easily spill over into another.

Despite storm clouds on the horizon, New Mexico is cheerily growing, and the housing developments show little sign of slowing down anytime soon. As local leaders and out of state companies continue to invest more money, time, and effort into housing developments, local citizens can expect plenty of new neighbors.

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