A Comprehensive Insight Into New Mexico Living 2015
New Mexico’s housing market has changed drastically over the past few years. It has improved and become a flourishing land for both investors and realtors. According to professional realtors, the homes and real estate properties in New Mexico have reached the best possible price in the past few years. To be more precise, this has been the best price margin in recent times. If you are planning on living in New Mexico or making a Real Estate Investment in New Mexico, you are certainly lucky. There has not been a better time like this ever since the 2008 recession.
Supply of Homes
You will be astonished to note that the supply of homes in New Mexico has gone down over the past few
years. The overall count decreased by nearly 8%! This is because more-and-more investors have seeped into the city. Taking a good look at the price of properties in New Mexico, you will see a tightened inventory. The entire year has been wonderful for budget conscious buyers, who wish to live with low interest rates and bigger homes. Also, many new FHA lending products have been coupled with better housing affordability to support homebuyers.
Let’s get into the real figures of the New Mexico Housing Market. When compared against the 4th quarter of 2014, the overall sales figure and county prices increased by 8%. Conversely, the net volume of sales reached 177.6 million USD. The average price of homes increased by 11% reaching 310,500 USD. However, the county median reduced by 3% and stopped at 380,000 USD. Meanwhile, you will be astonished to note that the price of land increased by 25% and the overall sales decreased by 15%. In simpler words, the New Mexico housing market is recovering smoothly from the late 2000s financial mistake. The gains are positive and predominantly robust. It was revealed statewide that New Mexico’s housing market in 2015 is better (slightly ahead) the performance of 2014. Declarative figures from the Realtors Association of New Mexico have proved the budding nature of the market.
On the other hand, homebuyers are shifting from the traditional Santa Fe and New Mexico style. The vogue is completely new and towards Eastside homes. More and more buyers are dreaming of linear homes with a modern twist and cutting edge. Though the traditional Santa Fe Real Estate panache would last, but New Mexico Property Management is geared towards newer designs and classier finishes. However don’t worry there are still plenty of New Mexican Style homes on the market.