There is a lot of conversation these days about the new market reality. In 2006, home sales were easier, loans were no problem, and home values went up each year. I know, this is not “Breaking News”, but there are lessons to be learned, especially for agents, home sellers and owners. The following article, “Dry Your Eyes and Lower the Price”,  from the New York Times Real Estate section,  shows how it sometimes “pays”…. to lower the price.

Subscribe to Ruidoso Real Estate Blog by Email

I often get inquiries about business listings, so I thought I would give a summary of what is currently on the market in and around Ruidoso. A general search, shows 96 properties available. The chart below shows type of business and number of active listings in that category:

Some property types may be counted in more than one category, if it can show multiple uses. For example cabin operations might be listed as both multi-family income, and as a cabin operation. The “other” category, showing 28 properties, will include miscellaneous types, such as bed & breakfast, light industrial, recreational, etc.

The link below will show the current listings, priced from lowest to highest. Click on property photo for full details.

View Current Business / Commercial Properties for Sale – Ruidoso & surrounding area click here

If you would like to receive a daily or weekly email update, showing new properties listed for sale or price changes to older listings, please contact me. Let me know your criteria such as price range, type of business, and area. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.

Subscribe to Ruidoso Real Estate Blog by Email

Here is a brief update on the condo market in Ruidoso.

• Current listings on the market: 102
• Median list price: $199,500
• Median price per sq. ft.: $145

There are some good buys, in every price range, especially the under $150K price range. The Golf Course condo featured below overlooks the Links Golf Course, on White Mountain Dr. It one of several available in the Whispering Bluff Condo complex. To view all current condo / town home listings in the area, visit this link.

If you would like more information on Ruidoso condos and town homes, please contact me,  or email  mary@ruidoso-homes.com or call or text me at 575-937-5229.  Re-published from Active Rain.

Looking at the 2009 sales data for Ruidoso real estate, a downward yearly trend continues for overall volume, when compared to the prior 3 years.  The 2009 total dollar volume of $55.6 mil., was down from 2008, at $64.6 mil.   2006 and 2007 came in at $86.7 mil. and $79.3 mil. respectively.

The number of units sold annually also declined for the 4 year period. From 407 properties in 2006, 388 in 2007, 302 in 2008, and 260 in 2009. The declining numbers reflect a national economy & red hot real estate market slowing from record highs in 2006.

However, the last quarter of 2009 was up considerably over fourth quarter 2008, by almost 25 per cent.  The  last quarter of 2009 showed sales volume of $20.5 mil  ( 84 units sold ) vs. $15.5 mil ( 69 units sold ) for the last quarter of 2008.

The increase in 2009’s fourth quarter sales may be attributed to several factors including the government’s First Time Home Buyers  tax credit, low interest rates, and buyers seeking alternative investments to stocks, which took a severe beating in the 2008 Wall St. crash and financial crisis.

Buying Opportunity:

More recently, I think sales are being driven by price reductions. Sellers are realizing the economy is still weakened by high unemployment, government policy, and general uncertainty regarding recovery. Interest rates have remained low, although, qualifying for home loans has become more difficult with new laws and tighter standards on borrowers.  In addition, there has been an excess inventory of available properties on the market, putting further downward pressure on prices and motivating sellers to be more competitive.

Median Snapshot:

The price range of $159K to $259K is typically the most active in Ruidoso. In 2009 this range had 76 sales closed. Median list price was$223K, sales price was  $203K, producing a list / sold price ratio of 94%. Price per sq. ft. was $129, and median days on market was 161.

Contact me for price reductions, custom property searches, or any questions you might have regarding real estate in the Alto or Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.

Subscribe to Ruidoso Real Estate Blog by Email

Cabins for sale in Ruidoso, make up about one third of the homes for sale in the site-built category.

Currently, there are about 273 active site built home listings.  Of that amount, 102 are classified as cabins. The price range that is selling the most, and was most active in the last quarter of 2009,  is   $100K-$200K.  Many of the potential buyers I have recently worked with are looking in the “under $200K” price range, a trend that is reflective of buyers seeking value, and not getting over extended with higher priced & larger second homes.

As shown in the chart below, in the $100K to $200K price range, there are currently 52 cabins for sale.  A median price for this group is $152,500, while median price per sq. ft. is $134, and the median days on market is 137.

During the last quarter of 2009,  out of 67 total residential properties sold, 24 were cabins at a median price $229K.

Click here to see all current cabins listed in the $100K-$200K price range.

If you would like to receive a daily or weekly email update,  showing new cabins listed for sale or price changes to older listings, please contact me .  Let me know your criteria such as price range, size, and area.

Subscribe to Ruidoso Real Estate Blog by Email

The Fall season in Ruidoso is my favorite time of year!

Here in the South Central Mountains of New Mexico, the foliage is a mixture of gold, orange, brown and red against a backdrop of evergreens. The colors seem to have lasted longer this year than they usually do, and the aroma of pinon wood smoke from fireplaces and green chile roasting is in the air. We already have had a few inches of snow on top of Sierra Blanca, and hopes are high for a good ski season. It just doesn’t get any better than this!

I wanted to share a few recent photos from around the area…

Subscribe to Ruidoso Real Estate Blog by Email

The Upper Canyon is a popular area located on the far west end of Ruidoso, and is comprised of several separate subdivisions. Main Rd. follows the path of the Ruidoso River from Mechem Dr, west to the Mescalero Apache Reservation border. Many of the homes in the Upper Canyon area were built in the 1930s thru the 1960s. Some have been remodeled and some have not. There are many nice, large homes located on the Ruidoso River as well as many small cabins scattered along the valley and hill sides.

The subdivisions I have included for this article, and analysis of recent sales data, are: Central, Chateaux Village, Cree, Dufo, Flume Canyon, McCarty, McDaniel Heights, Pinescape, Sherwood Forest, Sleepy Hollow, Singing Pines, Silver Mountain Terrace, Ruidoso Acres, and White Fir.

In looking back at 12 months of sales data for the Upper Canyon area, there were 13 transactions closed from June 1, 2008 thru June 01, 2009.

View Current Listings in The Upper Canyon  click here

Search the Upper Canyon by Price, Size, etc. click here

Sold transactions ranged from a high sold price of $590,000 to a low listing price of $50,000, and a median sold price of $169,000. List to sold price ratio was 91.9%. The median “days on the market” was at 197.

Keep in mind that in July of 2008, the Upper Canyon was hit hard by one of the worst floods in Ruidoso history. Months of bridge repair and river cleanup followed, with some repair work still underway today. Driving down Main, however, there are only a few areas where you see the impact of the flood, mostly at the river crossings. Many of the homes in the area were not affected at all. The flood has probably slowed real estate sales in the Upper Canyon this year, however, it is impossible to know what amount of decline is attributable to the flood damage and what to the general downturn in the real estate market here and nation wide.

Currently, there are 31 homes for sale in the Upper Canyon area. Listing prices range from $68,800 to $599,850.00 with a median of $229,000. Median price per sq. ft. based on listing price is $148.64.

To search all properties for sale in Ruidoso, click here. If you would like to view current listings in a specific area, such as Upper Canyon, email me for a link to those properties. Now is a great time for buyers looking in the Ruidoso area and we are seeing more motivated sellers, and price reductions.

Contact me for  price reductions, custom property searches, or any questions you might have regarding real estate in the Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts.  Email  mary@ruidoso-homes.com or call or text me at 575-937-5229.

View Upper Canyon Cabin photos on Flickr click here

UPDATE: SOLD, no longer available.

This home in Ruidoso Downs, NM has just been reduced by $60,000 to a listing price of $198,500.00.  This 4 bedroom, 3 bath home is approximately 4140 sq. ft, is one level, brick exterior, with a metal roof.  If you are looking for a large home, in a price range under $200,000.00, act now, because this listing will not last long!

Listed by Gary Lynch, Prudential Lynch Realty

Contact me for info on this property, other price reductions, custom property searches, or any questions you might have regarding real estate in the Ruidoso area.  I’ll be glad to set up a email notifier for you to receive listing alerts.  Email  mary@ruidoso-homes.com or call or text me at 575-937-5229.

Subscribe to Ruidoso Real Estate Blog by Email

Like many real estate markets across the nation, Lincoln County’s  total sales volume for last year was down 25 per cent or more, depending in which area you are looking.  Total sales volume and number of units sold, for the entire county,  has declined by 24 per cent, comparing 2008 vs. 2007. Ruidoso’s total dollar volume on sales of residential units dropped about 19 per cent, while number of units sold declined about 22 per cent.  Alto Lakes Golf & CC dollar volume declined about 42 percent, while the area surrounding Alto ( N. Ruidoso to Bonito River ) was only down about 6 per cent.

Buyers Market: The opportunities for buyers continue to improve as motivated sellers are reducing their prices. There is a constant negative media drumbeat of a troubled economy, government stimulus bills pending, and job losses nationwide. The national news about the housing market does not inspire confidence, and buyers are in waiting, trying to guess when and where the market bottoms.  Trying to “time”  the real estate market it like trying to “time” the stock market (it’s really hard to do).  By the time most people realize the bottom is here, it has already past and prices are on their way back up.  

Housing Affordability at Record High: The National Association of Realtors carefully track housing and economic data and issue a periodic report on the housing market. A recent article titled: Pending Home Sales Down but Housing Affordability at Record suggest that the current Housing Affordability Index rose in January by 13 percentage points, which was a record high, and the most favorable index since tracking began in 1970.

Markets that have been hit the hardest such as Phoenix, Las Vegas, and Miami have seen price reductions of 40 per cent. A recent article in the Wall St. Journal online edition describes a great opportunity for many buyers who were previously priced out of these markets.

How much lower will the market go here in Lincoln County?  I honestly cannot predict it.  We are  however, seeing some significant price reductions, and there  are some great buys out there.

Contact me for  price reductions, custom property searches, or any questions you might have regarding real estate in the Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts.  Email  mary@ruidoso-homes.com or call or text me at 575-937-5229.

Subscribe to Ruidoso Real Estate Blog by Email

If you are looking for land to move a modular or manufactured home on to, there is currently a wide selection, in several price ranges. In the lower price range, from $8,000 to $40,000, there are 34 listings in the area north of Ruidoso to Capitan. Many of these are in the Rancho Ruidoso Valley Estates Subdivision, with lot sizes of 1/2 acre to 1 1/2 acres.

Search for Land in Lincoln County click here

NOTE: To view land in Rancho Ruidoso, select the following AREA, on the property search menu: N/Ruidoso to Bonito River

Most of these will allow new double wide homes. Median price on these lots is $12,250. Utilities are available on most ( but not all ) of these lots.

Acreage in the area north of Ruidoso to Capitan, where both modular and manufactured homes are allowed, and measuring from 2 to 10 acres in size, is more limited. Currently only 6 tracts are listed in the $40,000 to $80,000, with a median price of $56,250.

In Ruidoso, there are currently 20 lots measuring less than one acre, which allow for new or used manufactured and modular homes, and in the price range of $20,000 to $80,000. The median price on these lots is $29,900.

If you are not sure what constitutes the difference between a manufactured or modular home, click here for details.

If you would like a custom property search on land, please contact me,  or email  mary@ruidoso-homes.com or call or text me at 575-937-5229. I’ll be glad to send you a link, showing photos and listing details, for properties that meet your requirements.

Subscribe to Ruidoso Real Estate Blog by Email