Cloudcroft Real Estate Update for 1st half 2012

“How’s The Mountain Market?”
by Randy Everett

Greetings from the Everett Team at Blue Canyon Realty, Cloudcroft, New Mexico!  We are writing to share the latest mountain real estate news… but first some Everett Team news.

We are extremely thankful & proud to announce that Thomas Mack has joined The Everett Team as a Buyer Specialist.  A huge asset to our team, he brings a wealth of real estate experience and has lived in these mountains for many years.  Thomas has a deep love for and knowledge of the Sacramento Mountains and he just loves to share this with folks wanting to experience mountain living.

The Everett Team at Blue Canyon Realty 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 1st half of 2012 as compared to the 1st half of 2011.

Residential Mountain

Category

2011

2012

+/- Var

% Var

Quantity Sold

35

44

+9

  +26%
Volume Sold $

5,026,923

7,312,224

+2,285,301

+45%

Average Sale $

143,626

166,187

+22,561

  +16%
Median Sale $

121,900

145,750

+23,850

+20%

Quantity Active

269

261

-8

-3%

What a turnaround from a soft 2011!  As you recall 2011 was the first year since our economic down turn in 2008, where we experienced some troubling Sacramento Mountain real estate trends.  Fortunately, we are experiencing a pretty strong reversal of that trend.  Total units sold up 26% and the average sales price up 16% with inventory down 3% is VERY encouraging!  Part of this improving trend has to do with the National Forest open this year, while it was closed last year.  We are also seeing more “traffic” from folks involved in the oil and gas “boom”.

Residential Mountain By Price Point

Category

Units Sold 2011

Units Sold 2012

+ /-Var

% Var

Average Sale 2011

Average Sale 2012

% Var

0-150K

22

25

+3

+14%

$87,998

$96,480

  +10%
151K-300K

10

14

+4

+40%

$193,095

$192,203

flat

300K-up

3

5

+2

+67%

Another encouraging trend is the return of sales in the middle to upper end category.  Last year sales 151K to 300K were down 36% versus the first half of this year we are up 40% in this important category.  Values appear to be holding up as well.

Residential Cloudcroft (Village only)

Category

2011

2012

+/- Var

% Var

Quantity Sold

11

13

+2

+18%

Volume Sold $

1,564,800

2,055,700

+490,900

+31%

Average Sale $

142,254

158,130

    +15,876

+11%

Median Sale $

106,000

150,000

+44,000

+42%

Quantity Active

74

79

         +5    +7%

As you recall during 2011 the Village of Cloudcroft was hit harder than the mountain due to a larger concentration of “high end” homes in the Village.  We are very happy to see a recovery in the Village http://imagineear.com/pharmacy/generic-diflucan/ with units sold up 18%, average sale up 11%, and median sale up a whopping 42%.  Inventory is relatively stable with being up only 7%.  Let’s hope the 2nd half of 2012 holds!

Land Mountain

Category

2011

2012

+/- Var

% Var

Quantity Sold

21

18

-3

-14%

Volume Sold $

2,670,500

1,305,750

-1,364,750

-51%

Average Sale$

127,167

72,542

-54,625

-43%

Median Sale $
Quantity Active

287

251

-36

-12%

Once again, as you recall, land has been the “bright spot” for a while now.  The 1st half is a “mixed bag”.  The main reason volume sold and average sale are down so much is tied to a single BIG sale last year of $1,250,000.  I also believe that the “hard asset” movement has softened nationally (precious metals, land, etc) due to reduced fears of inflation…and we are seeing that trend locally as well.  I personally continue to invest in “hard assets”.

In summary, we are very encouraged by these positive trends.  We believe these positive statistics have less to do with economic conditions and more to do with the Forest being closed last year.  We are also encouraged that inventory levels have stayed so consistent…perhaps the most important “leading indicator”.  The majority of our buyers are still from Texas so as long as Texas continues to prosper and temperatures are “hot” our little piece of Heaven will remain stable.

Lastly, I would like to reinforce our Real Estate Business Model of SPECIALIZATION.  In a more challenging market, you need a Specialist!  The Everett Team continues, by a wide margin, to sell more listings and contract with more buyers, than any Realtor on the mountain!  We look forward to serving your Real Estate needs.  Randy exclusively represents sellers; call him at 575-430-0510 with listing questions.   Debbie Tate, Kathy Halbig & Thomas Mack exclusively represent buyers; call Debbie at 575-430-9511, Kathy at 575-430-5099 & Thomas at 575-491-4347.

If you are in Cloudcroft, stop by and visit The Everett Team at our Blue Canyon Realty office.  Call us at our office, 575-682-BLUE 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.  All statistics are from the Otero Multiple Listing Service as of June 30th, 2012.