May Real Estate Report

After a less than stellar housing report last month, May brought some better numbers and some optimism to the real estate market in Southern New Mexico.   

New home listings ticked up, bringing inventory slightly higher than this time last year.  Sellers are starting to get the message that homes are not going under contract at the prices we saw in 2022.  Large percentages of homes are starting at a high price and still experiencing at least one or two price improvements before accepting an offer.   Are we in a buyers' market?  Depends on the area and the price point.  While homes in the median price point are in such high demand they are likely to see offers closer to list price while higher priced homeowners are more likely to want to make a deal.  With more buyer options available, it's very important to make sure your home is in pristine condition before placing it on the market.  Put a plan together for good photography and a smart pricing strategy.  

According to a report from Real Estate News, mortgage application ticked down slightly nationwide.  The main cause has been higher interest rates, tariff talks, and news headlines causing fear of recession.  May’s report, however, shows continued market correction as prices stay consistent, inventories remain stable, and homes are still going under contract in 20 days or less when priced at market value.  While we may not be on track to break any records this year, our market is still capable of bringing top dollar for your home with some creative marketing strategies.  It's still a great time to be a Las Cruces homeowner. 

Steve Montanez is the president and chief executive officer of New Mexico Properties