We are beginning to see some positive signs in our local real estate market. The sharp declines that occurred in 2008 and 2009, are beginning to trend upwards. Activity is up as buyers continue to look for bargains, and take advantage of the high inventory of available homes for sale. Home buyer tax credits may have had some impact, but not as much as they have in areas that have more first time, and primary home buyers. The following press release was recently issued by the Ruidoso/Lincoln County Association of REALTORS.
1ST QUARTER 2010 HOME SALES INCREASE IN CITY AND COUNTY OF LINCOLN AS MEDIAN HOME PRICES RISE
(Ruidoso, NM – April 9, 2010) The sky is not falling and home sales are on the rise. The market is stabilizing and total sales of real estate for 2009 was off 8% from 2008. That is a big change from the near 25% drop from 2007 to 2008. Ruidoso and Lincoln County home sales had a 22% increase over the 1st Quarter of 2010 compared to the same quarter in 2009. The overall median price of homes sold, were up from $192,000 during the 1st Quarter of 2009 to $246,500 in the 1st Quarter of 2010, or an increase of 47.7%.
The average days on market for a home to sell increased from 214 days to 256 days for the same 1st Quarter period. Homes in the $250,000 to $399,999 have seen the most sales activity. Major price reductions occurred over the past year and were greatly needed in this downward business cycle. Sellers are realizing that it is better to make a little profit and sell their home and move on to their next adventure, rather than, to coin a business sales term ‘bag an elephant’ that may be un-baggable or non-existent.
Overall consumer confidence in real estate is being bolstered by the less than optimum CD and savings rates of less than 1%. Business activity in most offices has been steady to extremely busy, since Christmas. The good snow has brought skiers to town, that have taken the time to look at homes that they had not been willing to look at this same time last year due to the uncertainty of the economy. Home buyers received great news in November with the extension of the First Time Home Buyer Tax Credit and expansion of a $6,500 tax credit to existing home owners wanting to buy. With interest rates at record lows, more competitively-priced homes, and a large inventory, there has never been a better time to buy.
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