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.
