We are beginning to see some positive signs in our local real estate market. The sharp declines that occurred in 2008 and 2009,  are beginning to trend upwards.  Activity is up as buyers continue to look for bargains, and take advantage of the high inventory of available homes for sale.  Home buyer tax credits may have had some impact, but not as much as they have in areas that have more first time, and primary home buyers.

The following press release was recently issued by the Ruidoso/Lincoln County Association of REALTORS.

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1^ST QUARTER 2010 HOME SALES INCREASE IN CITY AND COUNTY OF LINCOLN AS MEDIAN HOME PRICES RISE

(Ruidoso, NM – April 9, 2010)  The sky is not falling and home sales are on the rise.  The market is stabilizing and total sales of real estate for 2009 was off 8% from 2008.  That is a big change from the near 25% drop from 2007 to 2008.  Ruidoso and Lincoln County home sales had a 22%  increase over the 1^st Quarter of 2010 compared to the same quarter in 2009.  The overall median price of homes sold,  were up from $192,000 during the 1^st Quarter of 2009 to $246,500 in the 1^st Quarter of 2010, or an increase of 47.7%.  The average days on market for a home to sell increased from 214 days  to 256 days for the same 1^st Quarter period.  Homes in the $250,000 to $399,999 have seen the most sales activity.

Major price reductions occurred over the past year and were greatly needed in this downward business cycle.  Sellers are realizing that it is better to make a little profit and sell their home and move on to their next adventure, rather than, to coin a business sales term ‘bag an elephant’  that may be un-baggable or non-existent.

Overall consumer confidence in real estate is being bolstered by the less than optimum CD and savings rates of less than 1%.  Business activity in most offices has been steady to extremely busy, since Christmas.  The good snow has brought skiers to town, that have taken the time to look at homes that they had not been willing to look at this same time last year due to the uncertainty of the economy.

Home buyers received great news in November with the extension of the First Time Home Buyer Tax Credit and expansion of a $6,500 tax credit to existing home owners wanting to buy.  With interest rates at record lows, more competitively-priced homes, and a large inventory, there has never been a better time to buy.

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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 let me know your criteria such as price range, size,  and area. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.

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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.

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As I have mentioned before, there are a lot of potential home buyers on the sideline, looking for deals steals, and trying to gauge a market bottom. Nothing new with this strategy ( buying as low as possible ) especially in light of today’s uncertainty in the market.

The “experts” continue to weigh in, and I thought I would pass on a few points taken from today’s online article When home Prices Hit Bottom, over at CNNMoney.com .

1. If you are thinking of selling, you might want to wait due to high inventory & lower prices
2. Nationwide, home prices may hit bottom in late 2009, assuming government action works.
3. Recovery may be gradual. Prices may not return to 2006 levels for another decade.
4. Buyers need to think long term, take advantage of record low interest rates, and know thy market.

The Ruidoso area market is seeing signs of recovery, as buyers take advantage of the current market conditions (high inventory, motivated sellers and great interest rates).  In general, sellers in our market are not as desperate to sell and/or reduce prices, as in markets such as Phoenix, AZ  or Las Vegas, NV where foreclosures are common. The media reporting on these areas would lead one to believe that all sellers are distressed, and we may have a few sellers that are, but most sellers in our area will only accept offers that are reasonable.

It is important to remember that “real estate is local” and all buyers and sellers should follow their local market conditions, and weigh the factors necessary to make informed decisions.

I will continue to provide in depth analysis of specific areas within our market as well as historic data on local subdivisions.  If you would like information on an individual property or subdivision, please contact me,  or email  mary@ruidoso-homes.com or call or text me at 575-937-5229.

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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.

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In looking at the current market for homes and town homes for sale in Alto Lakes Golf & CC,  I thought it would be interesting to compare the current stats to those reported in Aug, 2008 in Buyers Market in Alto – Aug. 2008 .

UPDATE: Feb 2010:  Search for Homes – Alto Lakes Golf & County Club click here

View recent articles – Alto Lakes Golf & Country Club – Real Estate

The number of site built homes,  with a full golf membership,  currently listed is 110, as compared to 82 in Aug. 2008.  The current median listing price for this group is $366,000 as compared to $407,250 back in August. The median price per sq. foot has dropped to a current price of $169 down from the previous number of $180 / sq. ft. The median listed home size is 1600 sq. ft. as compared to 2256 sq. ft. in August.

There are 26 homes currently listed in Alto with a social membership. The median listing price is  $356,000 with a median sq. ft. price of $167.  These numbers are down slightly from August, 2008 when the median price was $359,000 and price per sq. ft was $169, for the 23 properties that were listed then.

There are currently 8 town homes and condos  listed in Alto. Median price is $288,750 as compared to $399,000 in August. All but one of these properties have a Full Golf Membership.

If you would like to receive a list of all properties for sale in Alto Lakes Golf & Country Club, please contact me,  or email  mary@ruidoso-homes.com or call or text me at 575-937-5229.

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Looking for a condo this summer in Ruidoso? Currently, our local MLS is showing 141 listings of either condos / town homes in the Village. Prices vary widely from a low of $54,900 for a 640 sq. ft, older unit on Mechem Dr. to a high of $600,000 for a 2550 sq.ft. new unit at River Crossing.

Ruidoso River Resort – near downtown

( Don & Nancy Lincoln, Coldwell Banker SDC, listing brokers )

The following chart shows the current condo and town home inventory by price, price per sq. ft., and days on market ( DOM ).

Features and amenities: The lower priced condos are generally smaller units ranging from 500-900 sq.ft, often 1 bed room, and older construction built in the 1980s, or before.

The mid range group priced between $100k to $200k, will generally measure around 1000 sq. ft, have at least 2 bedrooms, and slightly newer construction. Locations vary widely on this group.

The upper end group consists mostly of the newest, largest size and most modern features. These often measure over 2000 sq. ft, built in 2007-2008, high end features such as granite counters, 3 bedrooms, 3 baths, balconies, and much more.

If you are looking for a condo for personal use, or to place in the rental pool, call or email me to discuss the current market.

If you would like more specific information on Ruidoso Real Estate, you may contact me here, or by email at mary@ruidoso-homes.com.

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]]> http://ruidoso-blog.com/condos/ruidoso-condos-a-wide-range-of-prices-and-features/feed/ 0 http://ruidoso-blog.com/ruidoso-real-estate/no-boom-no-gloom-ruidoso-real-estate-trends/ http://ruidoso-blog.com/ruidoso-real-estate/no-boom-no-gloom-ruidoso-real-estate-trends/#comments Sat, 05 Apr 2008 03:39:39 +0000 Mary Weaver http://ruidoso-blog.com/2008/03/20/no-boom-no-gloom-ruidoso-real-estate-trends/

Lately, there has been a lot of interest in the Ruidoso real estate market, from those who have been considering a home purchase for some time.

I’m often asked questions like “Is this a buyers market” and “Are we seeing a bottom” ?

I can’t forecast the future of real estate in Ruidoso especially with the uncertainty of the national markets for both housing and stocks. The historical sales trend and current seasonal slowdown for Ruidoso, along with the market forecasts from the National Association of Realtors, reflect a lull from the overheated markets of 2005 and 2006. A window of buying opportunity may be present now and for several months to come – depending on how you view the data.

Buyers of Ruidoso real estate are often from Texas, where the oil & gas economy has remained strong, despite the national slow down. For many second home owners and visitors, Ruidoso is typically a “drive-to” destination. With gasoline prices approaching record high levels, it remains to be seen whether the Village will see a slowdown this summer.

Interest rates are still low. For the week ending 4-03-08, the 30-year fixed rate averaged 5.88 percent, according to Freddie Mac, and it’s Primary Mortgage Market Survey®. Overnight, rates have trended down again in response to the Federal reserve discounts.

The current inventory of homes for sale is sufficiently high, that buyers feel no rush to make an offer. Recently, I have seen a number of “low-ball” offers made, at 20-30% below asking price. However, most sellers in the Ruidoso market are not inclined to accept those offers, knowing that a spring & summer rebound in home sales might be near.

The national news media continues to report on the “dismal real estate market”, but much of that reporting is focused on the industrial areas of the East, such as Ohio, and the overheated coastal markets such as California and Florida. Though our market has cooled, Ruidoso is somewhat insulated from a meltdown due to limited land, inventory, room to grow, and cost of new construction.

In summary, I would say that buyers may have an opportunity given the seasonal lull, low interest rates, cooler market, and national media hysteria reporting about real estate.

Homes are still selling, however, especially those that are priced right. Staying on the sidelines too long while hoping for further price declines, and you might watch your future home in Ruidoso snapped up by someone else.

To help you stay abreast of the Ruidoso market. I’ll be updating this report often, in addition to adding new market analysis for area neighborhoods.

These updates will be added under the Market Trends category on the Ruidoso-blog. For additional information on the Ruidoso real estate market, or help in buying or selling a property, you may contact me here, or email me at   mary@ruidoso-homes.com 

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