With Inventory Shortages Pushing Up Prices, April 2021 Home Sales Hit a Record High
Published on May 19, 2021
FOR IMMEDIATE RELEASE
M. Steven Anaya
SANTA FE, NM (May 19, 2021) – “With the pandemic causing a surge in home sales and more new home construction on the rise in 2021, April 2021 home sales hit an all-time high”, according to Danny Wm. Vigil, NMAR President.
New Mexico home sales are proof of this, with the median home sale price at an all-time high of $265,000 for the state. This is a 15% increase compared to April 2020 and a year-to-date increase of 13.3%. Bernalillo County is showing a 20% increase median sold price for Single-Family Detached homes and 31.3% increase in median sold price for Single-Family Attached Homes.
The highest volume of sales this month is Bernalillo County with $280,562,449 and Santa Fe County reporting the highest median sold price of $500,000.
New Mexico is also showing the average days-on-market down to 49 from 67 this time last year and down from just 56 days this past March. Again, Bernalillo is seeing much lower figures with an average days-on-market of 16 for April 2021 compared to 33 days in April 2020, a 51.5% decrease compared to 2020 and a 45% YTD decrease in days-on-market.
“With a boom in housing during the pandemic, we are seeing a rise in new construction as well as remodeling demands for New Mexico”, says Steven Anaya, NMAR CEO. “There is a lot going on in the market. Due to the pandemic, supply chain issues and what was an already increasing cost of goods, coupled with a strong stock market and low interest rates, people are making their move and really evaluating where and how they want to live.”
Real Estate activity resulted in a total volume of over $735,884,346 in April, another new high for April since NMAR began keeping statistics in 2008. April 2020 generated a volume of $500,364,514.
New Mexico REALTORS® continue to wear masks and social distance. Open Houses are being held and REALTORS® will be following the current New Mexico health orders and Covid safe practices. Virtual tours are still being held and buyers are coming to the market prepared.
The trends and numbers reported are only a snapshot of market activity. If you are interested in buying or selling, consult a REALTOR® familiar with your market area; he/she can provide information on specific trends in your neighborhood.
Statistical information and trends are based on information furnished by New Mexico Member Boards and MLSs to the NATIONAL ASSOCIATION OF REALTORS. Current reporting participants are: Greater Albuquerque Association of REALTORS, Las Cruces Association of REALTORS MLIS, New Mexico MLS (Artesia, Carlsbad, Clovis/Portales, Deming, Gallup, Grants, Hobbs, Las Vegas, Sierra County areas), Otero County Association of REALTORS, Roswell Association of REALTORS, Ruidoso/Lincoln County Association of REALTORS, Santa Fe Association of REALTORS, San Juan County Board of REALTORS, Silver City Regional Association of REALTORS, and the Taos County Association of REALTORS. Reports represent single family residential data only. Information does not necessarily represent all activity in any market/county. Figures based on reports run 5/14/2021. Visit www.nmrealtor.com (housing trends) for full county statistics.
The New Mexico Association of REALTORS is one of the state’s largest trade associations, representing over 7,000 members involved in all aspects of the residential and commercial real estate market.
For media assistance, please contact Colleen Mooney at 505-982-2442 or by e-mail.