With the Labor Day weekend behind us, and Fall coming on, I thought we might take a look at the numbers for Ruidoso real estate during the summer months (June through August), and compare this selling season with that of 2007. Specifically, looking at residential units sold (site built homes, town homes & condos) in a price range of $150,000 to $350,000. Currently the median price for sales in this category of property is $225,000.
The total number of units closed in this time period was down 40% from 62 units sold in 2008, to 37 units sold in the summer of 2007. The total dollar volume of closed units for summer of 2008 was down 38%, from $13,794,750 in 2007, to $8,643,150 in 2008. The median number of “days on market” was up 28%, from 113 in 2007, to 156 in 2008.
The median sq. ft. price for homes in this class went down by 3% - from $140.50 / ft., to $135.20 / ft., when comparing the two summer seasons.
The market in Ruidoso has experienced a slowdown similar to many residential markets across the country. Drops of 20% to 40% are common, with exception of a few strong markets in the Mid-West and Texas that have declined only slightly, and in some cases have even appreciated some.
With buyers on the sidelines, as indicated by increased “days on market”, we are beginning to see an increase in “price reductions”, where motivated sellers are aggressively adjusting their listing prices downward. With the recent reduction in interest rates brought on by the government take over of Freddie Mac and Fannie Mae, it is finally a true buyer’s market in Ruidoso!
The following Market Snaphot - shows all residential properties listed in Ruidoso as of 9-14-08, ( sitebuilt homes, town homes / condos, manufactured homes, and fractional ownership )
