Cloudcroft Real Estate Update for 1st half 2015

BlueCanyonGreetings from Blue Canyon Realty, Cloudcroft, New Mexico!  We are writing to share the latest mountain real estate news… but first a little about our team.

Have you seen our slogan:  “Together We’re Better”?  Working as a team 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, Listing Specialist, along with the support of our Marketing Specialist and Listing Coordinator, has sold 34 listings in the first half of 2015 while the next highest performing mountain Realtor sold 6 listings.  Blue Canyon Buyer Specialists helped 29 mountain buyers purchase properties year to date, three times more than the next highest performing mountain real estate company.  These statistics from our MLS are on the last page of this report.

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!  Blue Canyon Realty provides exceptional services 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 2015 as compared to the 1st half of 2014.  This report was prepared by Randy Everett with statistics from the Otero County Multiple Listing Service.

 

Residential Mountain

Category 2014 2015 +/- Var % Var
Quantity Sold 49 41 -8   -16%
Volume Sold $ 10,306,724 7,254,700 -3,052,024 -30%
Average Sale $ 210,341 176,944 -33,397    -16%%
Median Sale $  150,000  159,000  +9,000  +6%
Quantity Active 251 254 +3 +1%

 On the surface, the 1st half performance as compared to last year seems pretty dismal.  However; not all is as it appears!  As you recall the 1st half of last year was perhaps the best in the history of Sacramento Mountain real estate sales.  The primary driver of this exceptional half was “oil money”.  With oil over $100 per barrel and the big boom occurring in our “back yard” of Texas and west New Mexico, folks couldn’t wait to spend some of their money on a mountain retreat in the cool pines at 9000 ft. elevation.  The bulk of this boom hit during the 1st half of last year.  So are we in a bad market now?  Not at all!!  The average 1st half sales for the last 8 years is $7,600,634 as compared to this year’s at $7,254,700.  Bottom line…we are up against what I consider to be an “anomaly” when comparing to last year.  We have simply reverted back to a normal market.  I also personally believe that the “Median” sales indicator is more accurate than “Average” which reflects +6%.  Inventory available is stable.

 

Residential Mountain by Price Point

Category Units Sold 2014 Units Sold 2015 + /-Var % Var Average Sale 2014 Average Sale 2015 % Var
0-150K 25 19 -6 -24% $101,758 $101,745   0%
151K-300K 16 17 +1 +6% $226,734 $200,150 -12%
300K-up 8 4 -4 -50% $516,878 $383,800 -26%

Once again, please remember that we are comparing to a blowout 1st half last year.  That being said, I believe that we will continue be softer in the over $300k category and perhaps stronger in the $0 to $150k category.  This is a more normal market for us.

 

Residential Cloudcroft (Village only)

Category 2014 2015 +/- Var % Var
Quantity Sold 15 14 -1 -7%
Volume Sold $ 2,908,079 2,359,150 -548,929 -19%
Average Sale $ 193,871 168,510   -25,361 -13%
Median Sale $ 157,500 178,500 +21,000 +13%
Quantity Active 87 94   +7   +8%

The Village held up well in units sold and Median Sale price.  Inventory levels in the Village are concerning with 94 total units available…65 available would be a healthy amount.

 

Land Mountain

Category 2014 2015 +/- Var % Var
Quantity Sold 27 29 +2 +7%
Volume Sold $ 2,779,490 1,319,800 -1,459,690 -53%
Average Sale$ 102,944 45,510 -57,434 -56%
Median Sale $  82,000  34,000 -48,000 -59%
Quantity Active 230 219 -11 -5%

Land sales are definitely weaker than residential sales during the 1st half of 2015. As you can see, total Dollar Volume Sold is down 53%.  There were three land parcels that sold last year over $300k each…all were purchased by oil executives.  Units sold are actually up 7%.  The strength is currently in land parcels up to 10 acres.  Again, we are seeing a more normal land market!

 

In summary, the fact that oil prices have dropped so perceptively and we have maintained “normal” levels of properties sold is very encouraging to us.  It appears that values below $300k are stable and hopefully have not suffered.  I do believe that we are at some value risk above $300k, however it is simply too early to say as the fall market is typically the best market for high end properties.

Lastly, we would like to reinforce the advantage of specialized real estate services.  In a more challenging market, you need a Specialist!  Blue Canyon Realty continues to sell more listings and contract for more buyers than any company, accounting for over 40% of the mountain volume.  Please see our performance and ranking from the Otero County Multiple Listing Service on the following page.  We look forward to serving your Real Estate needs.  Randy exclusively represents sellers; call him at 575-430-0510 with listing questions.  Debbie, Thomas and Joey represent buyers; they can be reached at 575-495-2525.

If you are in Cloudcroft, stop by and visit us at our Blue Canyon Realty office.  Call us at our office, 575-682-BLUE (2583).  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, 2015.

 

Best Regards,

Randy, Terri, Debbie, Thomas, Joey, Pam & Kimme

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

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