How’s the Mountain Real Estate Market?

“How’s The Mountain Market?”

Greetings from the Everett Team at Prudential Blue Water Real Estate, Cloudcroft, New Mexico!  We are writing to share the latest real estate news on the mountain.

First of all, we are thankful for our 2011 accomplishment as the #1 Realtor on the Mountain for the number of Listings SOLD!  As a Team we also helped the most buyers purchase mountain real estate in 2011.

Below you will find a detailed summary and analysis of the 2011 Cloudcroft Mountain Area Real Estate activity.  There have been some shifts in our market…..don’t want to spoil it before you read it for yourself!  This report was prepared by The Everett Team and we will keep you updated quarterly in 2012.

 

Cloudcroft Area Real Estate Update Full Year 2011

The Everett Team at Prudential Blue Water Real Estate  provides exceptional service for buying & selling real estate, along with education on local market trends & analysis.  To this end we are providing market statistics, for the full year of 2011 as compared to the full year of 2010.


Residential Mountain

Category 2010 2011 +/- Var % Var
Quantity Sold 100 95 -5 -5%
Volume Sold $ 18,489,681 15,235,455 -3,254,226 -18%
Average Sale $ 184,897 160,3736 -24,524 -13%
Median Sale $
Quantity Active 180 204 +24 +12%

We have been fortunate to have had a stable real estate market since the 2008 national economic down turn, however, 2011 has seen some softening.  Total homes sold were down only 5%, but the troubling statistic is that the average sale was down 13%.  Digging deeper reveals the loss of value has been primarily in the high end homes.  The following statistics will bear this out:


Residential Mountain By Price Point

Category Units Sold 2010 Units Sold 2011 + /-Var % Var Average Sale 2010 Average Sale 2011 % Var
0-150K 42 57 +15 +36% $101,354 $95,931 -5.6%
151K-300K 48 31 -17 -35% $217,044 $203,021 -7%

This represents a “shift” in our market with homes up to 150K up 36% in units sold & homes 151K to 300K down 36% as compared to last year.  Drought conditions caused the Forest to be closed during some of our busiest months.  No doubt that this had an impact every bit as much as a weak economy.


Residential Cloudcroft (Village only)

Category 2010 2011 +/- Var  % Var
Quantity Sold 32 22 -10 -31%
Volume Sold $ 5,699,524 3,218,800 -2,480,724 -44%
Average Sale $ 178,110 146,309     -31,801 -18%
Median Sale $ 169,242 120,200 -49,042 -29%
Quantity Active 58 60 +2 +3%

We have a greater concentration of “high end” homes in the Village of Cloudcroft; therefore the trend mentioned above is disproportionally reflected in the Village.  Total number of homes sold was down 31% with the average sales price down 18%.  We still have good “pricing power” in the lower to average price point.  However, the high end Village properties are a real challenge at this time.  Fortunately, most sellers buy nexium capsules have not “had” to sell, which helps stabilize our values and inventory is only up 3%…a good indicator that we will not see a significant decline in property value.


Land Mountain

Category 2010 2011 +/- Var % Var
Quantity Sold 41 52 +11 +27%
Volume Sold $ 3,230,280 4,434,089 +1,203,809 +37%
Average Sale$ 78,787 85,271 +6,484 +8%
Median Sale $
Quantity Active 285 219 -66 -30%

Land sales & value continue to be a bright spot for our real estate market. All indicators are very strong to the upside, with inventory levels down 30%.  This is a classic case of supply decreasing & demand increasing, resulting in higher land prices.  As I said in the 2010 report, the “hard asset” play is on…folks are swapping their paper (stocks, bonds, currency), for something tangible…land!  This is not a “land rush”, but it is definitely healthy for Sacramento mountain real estate!

In summary, we continue to be encouraged that our real estate market has held up much better than most 2nd home markets.  We believe that the Forest closure caused the overall softness in the market and the high end property values were affected by the economy.  The majority of our buyers are still from Texas so as long as Texas continues to prosper our little piece of Heaven will remain stable.  We are so blessed to be here!!!

Lastly, I would like to reinforce our Real Estate Business Model of SPECIALIZATION.  In a more challenging market, you need a Specialist!  For the 2nd year, The Everett Team sold more listings than any Realtor on the mountain!  We look forward to serving your Real Estate needs as SPECIALISTS. We are excited to introduce two new Everett Team members who joined us last summer as Buyer Specialists.  Debbie Tate and Kathy Halbig have both had many years of real estate experience on the mountain.  They will serve you well when you need help buying mountain real estate. Randy exclusively represents sellers; call 575-430-0510 for any real estate listing questions.   Debbie & Kathy exclusively represent buyers; call Debbie at 575-430-9511 & Kathy at 575-430-5099.

If you are in Cloudcroft, stop by and visit The Everett Team at our Prudential Blue Water office.  We’re in the Burro Street Exchange Building on Burro Avenue.  Call our office at 575-682-3566 and ask for The Everett Team.  We can also be reached via e-mail at:  Everett.Team@gmail.com Visit our website at:  www.CloudcroftRE.com where you can see our newest listings and search the MLS.

 

 

 

 

 

 

Randy, Debbie, Kathy & Terri
 

 

Randy
 

 

 

 

 

Randy Everett
Qualifying Broker/Co-Owner/Listing Specialist   
THE EVERETT TEAM
“Together We’re Better”                                                  
Prudential Blue Water Real Estate
Direct 575-430-0510
 
Everett.Team@gmail.com
www.CloudcroftRE.com
Office 575-682-3566