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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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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UPDATE – July 25, 2011:  I wanted to write a brief update on land – and just a few of the subdivisions in or near Ruidoso where you can buy lots or acreage, and compare how prices and features will vary among these areas.The areas I’ll be writing about are White Mountain Meadows, Alpine Village, Cedar Creek Ranchettes and Camelot. ( view links below for updated prices and lot availability )

Search for Land in Lincoln County click here

White Mountain Meadows is one of Ruidoso’s mid to upper priced developments. Existing site built homes in this subdivision are listed at a median price of $449,900 (prices ranging from $175K to $690K, med. sq. ft price of $163 / ft) and currently there are 19 homes on the market. View lots in White Mountain Meadows, and White Mountain Estates.

Available lots in this area are in short supply. There are currently, 6 lots listed in White Mountain Meadows, prices range from $50,000 to $99,000. (Median price is $53,500) These lots generally will be at least a quarter acre to an acre in size, and offer amenities such village water & sewer, paved roads, restrictions, views, etc.

Alpine Village located on the Northwest corner of Ruidoso, just outside the Village limits. Home prices in Alpine Village are closer to the median for the Ruidoso area. Currently, there are 5 homes listed at a median price of $269,000, and median sq. ft price is $172 / ft.

Available lots in this subdivision are also limited, with only 3 listings in the local MLS.

Prices range from $19,500 to $27,000 and the median is $25,900. Lots range in size from one third to two thirds of an acre, roads are gravel, and community water is available.

Cedar Creek Ranchettes – shown in the photo on right, is located near the National Forest boundary in the Cedar Creek area, offers lots ranging from 1.6 to 4.1 acres in size. Median price on these parcels is $164,450. This is a gated community with underground utilities and a minimum building size of 2500 sq. ft. The terrain is heavily wooded and some lots have mountain views. Roads will be paved soon, and community water is provided for most lots. View land listings in Cedar Creek Ranchettes.

Camelot – located near on the south eastern side of Ruidoso (near the “Y”), this area offers a wide range of prices and features. Current home prices here show a median listing price $439,000 and price per sq. ft of $170 / ft., with 9 homes on the market at this time. View Camelot land listings

Lots vary widely in size and price, according to area within the area, but almost all have access to village water and sewer. There are several different NEW subdivisions within the Camelot area.

Camelot Crown Estates: 7 listings available, median price $46,900, most city utilities available, accessible via paved roads, wooded with views. New homes are being built in this area.

Camelot Mountain Tracts: 6 listings available, ranging up to 5 acres in size. These tracts show a median list price of $160,000, and offer features similar to Camelot Crown Estates.

Camelot Highlands: 15 listings available, median price $34,900, lots measuring about one half acre, & village utilities available.

Camelot Vista Estates: 47 listings available, median price per lot is $59,900. Lot sizes vary from 2/10 of an acre up to 1 acre. Most village utilities are available. These lots may also offer views and outstanding building locations.

Again, these are just a few of the subdivisions where lots or acreage are currently available. There are many more to choose from including some of the areas newest golf course developments. Stay tuned for more information on these areas too.

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