The data in this chart includes all sales by all brokers as reported to the Otero County Multiple Listing System (MLS).
Residential sales were only fair in September, 2016. Both the overall number of homes (units) sold and the average sale price were down compared with the same period last year.
Sales of foreclosed homes was 11 of all unit sales. Foreclosures continue to run high in Otero County, with the foreclosure process taking as much as three years in New Mexico. HUD-owned homes (resulting from foreclosures of FHA-insured mortgages) are the most numerous on the market.
Probably the best news for home sellers is that the absorption rate continues to trend downward, meaning that the available supply of homes for sale is dropping. Fewer homes on the market results in less competition for home buyers.
This chart shows both market statistics and trends in the Otero County NM real estate market. Each category is displayed by color; the light lines are the monthly number and the heavy lines are a 12-month moving average. We’ve chosen a 12-month moving average to better illustrate trends in the market.
The categories of data are:
* Purple – this is the average sale price of a home in the county
* Green – this is the total dollars spent on real estate each month
* Blue – this is the number of homes sold each month
* Red – this is the number of homes on the market during the month
* Orange – this is the months of supply
If you’d like a full-size copy of this chart, or more information about real estate sales, please contact tomj at Tularosa.net.