Ruidoso Real Estate - Market Update June 08
June 18th, 2008 categories: Ruidoso Market Trends, Ruidoso real estate
So you may be asking…what IS the real estate market doing in Ruidoso New Mexico? If you watch the evening news it sounds like real estate around the country is cratering, but in reality, there are only a few states (California, Florida, Michigan and to some extent Arizona) that are really having issues with lower prices, high inventory and foreclosures. In most Midwestern and Western states prices and inventory are holding steady although not making great gains. Here is a recent assessment from the National Association of REALTORS
You can see in the tables below that for site-built, single family homes in the Village of Ruidoso, the numbers have not changed drastically from 2007. The number of units sold in March & April were actually up, but the number of sales in May were down a bit. Most people in the area will agree that there are not as many people visiting Ruidoso in May and June as there usually are, and most of us attribute this to $4/gallon gas, not a deficiency in our market. I am convinced however, that as temperatures in TX and AZ rise, that the cost of being miserable and paying to air condition a home in 100+ degree temperatures will lose out to cool mountain air and gas that costs more than we like to pay.
Ruidoso residential units sold - Mar 2008 - May 2008 ( site built homes only )
Ruidoso residential units sold - Mar 2007 - May 2007 ( site built homes only )
There are currently 329 single family home listed in the Village of Ruidoso. The average number of homes sold per month over the last year is 21.5. This gives us a current inventory of approximately 15.3 months if no other homes come on the market. Conditions are right if you are looking to buy in Ruidoso. Interest rates are still relatively low, and contrary to what you might hear on the news, people with good credit can still get loans for second homes and investment properties.
I hope this is helpful information, and if you would like an analysis of a specific town or neighborhood in Lincoln County, just let me know and I will be happy to provide it.
If you would like more specific information on Ruidoso Real Estate, please contact me at mary@ruidoso-homes.com.
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