Cloudcroft Real Estate Update for 1st half 2013

“How’s The Mountain Market?”

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 a little about The Everett Team.

Have you seen our slogan:  “Together We’re Better”?  As a team of six persons we each “Specialize” in areas of service that suit our individual strengths the very best and help you the very most!  As a result of specialization, Randy Everett, team Listing Specialist,  along with the support of our Marketing Specialist & Listing Coordinator,  has sold 25 listings in the first half of 2013 while the next highest performing mountain Realtor sold 5 listings.

We believe that each person buying or selling property should have full and specific “Representation”.  No person can serve two masters so each of our clients will have full and specific representation by a buyer specialist or listing specialist.  You do not have to wonder who’s on your side giving you information and counsel to help you make the best real estate decisions.  Our mission is to serve our clients with a level of real estate counsel and expertise that is highly effective and consistently exceeds expectations.  Together we really are better.

Below you will find a detailed summary and analysis of the 1st half Cloudcroft Mountain Area Real Estate Activity.  The market performance has been mixed…  don’t want to spoil it before you read it for yourself!  This report was prepared by The Everett Team with statistics from the Otero County Multiple Listing Service and we will keep you updated quarterly.

 

Cloudcroft Area Real Estate Update 1st Half 2013

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 2013 as compared to the 1st half of 2012.

Residential Mountain

Category 2012 2013 +/- Var % Var
Quantity Sold 42 51 +9   +21%
Volume Sold $ 6,683,224 7,792,276 +1,109,052 +17%
Average Sale $ 159,124 152,790 -6,334    -4%%
Median Sale $  145,750  130,000  -15,750  -11%
Quantity Active 261 254 -7 -3%

As you can see both Quantity & Volume sold are up nicely.  The value decline in Average & Median sales price, at first glance is troubling.  As you will recall, the 1st half of 2012 was VERY strong as compared to 2011.  Therefore, 2013 is compared to the strongest 1st half since before 2008.  Also, as you will see below, the Village of Cloudcroft was “softer” than the overall mountain (more on that below), and these numbers are included in the overall Mountains statistics.  If The Village is taken out, our Average Sales price is $159,113, even with last year.  Our opinion is that overall values on the mountain are holding up & inventory is down 3%.  Most of our transactions are completed in the 2nd half, so we continue to remain optimistic!

 

Residential Mountain By Price Point

Category Units Sold 2012 Units Sold 2013 + /-Var % Var Average Sale 2012 Average Sale 2013 % Var
0-150K 25 28 +3 +2% $96,480 $96,943   0%
151K-300K 14 19 +5 +36% $192,203 $195,413 +2%
300K-up 5 4 -1 -20% $417,313 $341,250 -18%

These numbers support our opinion that values on the mountain are holding up.  The $0 to $300K price points are in good shape.  The over $300K price point is the culprit here.  In statistical analysis, you have to have enough “units” to be relevant.  Otherwise, a trend can be VERY exaggerated.  With only 4 units sold above $300K, it is difficult for us to say that the “high end” market is suffering.  It is simply too early to say.

 

Residential Cloudcroft (Village only)

Category 2012 2013 +/- Var % Var
Quantity Sold 12 13 +1 +8%
Volume Sold $ 1,966,700 1,745,950 -220,750 -11%
Average Sale $ 163,891 134,303   -29,588 -18%
Median Sale $ 162,500 127,500 -35,000 -22%
Quantity Active 79 86   +7   +8%

Remember our comments above regarding  statistical analysis, this same principle applies when looking at The Village numbers.  Median price in 2012 was +42% and -22% in 2013.  Once again, exaggerated trends due to a small number of units.  While we are somewhat concerned with real estate performance in The Village, especially with inventory up 8%, we do not believe that values have dropped 22%.

 

Land Mountain

Category 2012 2013 +/- Var % Var
Quantity Sold 18 20 +2 +10%
Volume Sold $ 1,305,750 1,158,500 -147,250 -11%
Average Sale$ 72,542 57,925 -14,617 -20%
Median Sale $
Quantity Active 251 269 -36 +7%

While we are encouraged by total units sold up 10%, the Average Sale price being down 20% is concerning.  Last year has a sale of $550K and the largest sale this year is 250K.  Once again, one sale can really “skew” the trend.  In an effort to provide relevant analysis we also took out a 7.7 million ranch sale from this year’s data or  the statistics would have increases in value of over 500%.

In summary, while our year over year is not as strong as 2012, we believe that the overall mountain market is stable and healthy.  We are somewhat concerned regarding the inventory level of properties for sale in The Village.  The Texas “oil & gas” money is still showing up.  We are still in a drought, with some water & burning restrictions, but the Forest is still open as of July 15th.  Thankfully we are now receiving monsoon rains which are making the mountain a very cool place to be!  That said, The Everett Team and Blue Canyon Realty are VERY busy, so we remain hopeful for a healthy 2nd half of 2013.

Lastly, we 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 for 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, Kathy & Thomas 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 always 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.

Randy Everett, Owner, Qualifying Broker, Listing Specialist  –  575-430-0510  – everett.team@gmail.com

Debbie Tate, Assoc Broker, Buyer Specialist – 575-430-9511 – debbie_tate348@msn.com

Thomas Mack, Assoc Broker, Buyer Specialist – 575-491-4347 – thomasmack67@gmail.com

Kathy Halbig, Assoc Broker, Buyer Specialist – 575-430-5099 – halbig@tularosa.net

Suzie Phillips, Assoc Broker, Listing Coordinator

Terri Everett, Unlicensed, Marketing