Cloudcroft Real Estate Update for 1st half 2017

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

We are so thankful this spring and summer that we have received enough rain to keep our mountains green while other parts of the west have experienced devastating fires.  With the temps over 100 degrees in New Mexico and surrounding states, Cloudcroft has been a wonderful respite from the heat.

Now for some Real Estate Talk…  In addition to the Real Estate Report, we have included performance statistics for the local mountain real estate offices for the first half of 2017.  As the #1 real estate office on the mountain, our business model of Specialization and Representation is a leading reason for our success.  Every Real Estate agent has different skills, helping buyer or sellers…..some agents are even better at marketing themselves than their listings!  If you’ve ever wondered how to choose a Listing Agent, important questions to ask when interviewing are:

  1. “How many of your Listings have you sold in the past year?” 
  2. “How much time, money and skill do you spend on marketing your Listings?”
  3. “Is your office open for business full time with licensed Realtors available to answer internet inquiries on your Listings?”

Randy, an expert negotiator and skilled problem solver, leads our listing team with marketing, transaction, and office support.  Blue Canyon Buyer Specialists are always available to take inquiries.

Below you will find a detailed summary and analysis of the Cloudcroft Mountain Area Real Estate Activity for the first half of 2017.  In most categories the market performance has been steady… don’t want to spoil it before you read it for yourself! This report was prepared by Randy Everett, Listing Specialist, with statistics from the Otero County Multiple Listing Service. 

Residential Mountain

Category 2016 2017 +/- Var % Var
Quantity Sold 49 67 +18   +37%
Volume Sold $ 8,848,650 11,388,650 +2,540,000 +29%
Average Sale $ 180,585 169,980 -10,605   -6%
Median Sale $ 151,700 156,000 +4,300   +3%
Quantity Active 232 208 -24 -10%

 

The good news continues!  As you may recall, 2016 was a record year for Sacramento Mountain Real Estate. The 1st Half of 2017 was VERY strong.  The average Volume Sold for 1st Half of the last 8 years is approximately $7,600,634, so we have basically “blown away” all previous 1st Halves with 2017 1st Half Volume Sold of $11,388,650! Quantity Sold is +37%, Volume Sold +29%.  A minor disappointment remains Average Sale & Median Sale combined basically flat with last year.  Quantity Active continues to decline.  Inventory available at the end of 1st Half 2015 was 254 units, at the end of the 2017 1st Half is only 208 units, a reduction of 18%!!  If this holds, supply vs. demand will result in valuation increases.  We are experiencing increased “buyer anxiety” due to lack of inventory which results in higher offers.

Residential Mountain by Price Point

Category Units Sold 2016 Units Sold 2017 + /-Var % Var Average Sale 2016 Average Sale 2017 % Var
0-150K 23 30 +7 +30% $85,424 $96,217   +13%
151K-300K 17 30 13 +76% $212,206 $195,505   -8%
300K-up 8 8 0 +0% $402,050 $376,714   -6%

 

It is fascinating to see how our Price Point sales shift from year to year.  2016 saw the categories of 151K-300K and 300K-up with values up nicely.  As you can see, the 1st Half of 2017 saw the 0- 150K category Unit sales +7% and Average Sale +13% indicating an inventory shortage.  The more expensive categories were down in Average Sale price. VERY interesting to note the 151K- 300K category was + 76% in units sold indicating that this will be the next category to hopefully experience value increases!!

Residential Cloudcroft (Village only)

Category 2016 2017 +/- Var % Var
Quantity Sold 19 20 +1 +5%
Volume Sold $ 2,615,200 2,968,000 +352,800 +13%
Average Sale $ 137,642 148,400   +10,758 +8%
Median Sale $ 150,000 140,225 -9,775 -7%
Quantity Active 76 70   -6   -8%

 

The Village was up nicely in Quantity Sold & Volume Sold $, but remained flat for both Average Sale $ & Median Sale $ value combined. This is actually an improvement over last year which saw values in the Village decline by approximately 17%.  Quantity Active continues to shrink.  There were 94 Units available in 2015 vs. 70 Units available in 2017, a 25% reduction!  Getting pretty healthy in The Village!!

Land Mountain

Category 2016 2017 +/- Var % Var
Quantity Sold 25 27 +2 +8%
Volume Sold $ 1,369,900 1,832,175 +462,275 +34%
Average Sale$ 54,796 67,858 +13,062 +24%
Median Sale $ 33,000 48,000 +15,000 +45%
Quantity Active 183 198 +15 +8%

 

FINALLY, after 2 years of soft performance in the Land Category, we have experienced a very nice turnaround in 2017. Both Quantity Sold & Volume Sold are up nicely.  The real story is the valuation increases in both Average Sale $ & Median Sale $.  Very nice!!  Inventory +8% is a bit concerning; hopefully demand will continue to be strong.

In summary, we are most fortunate to be part of a record setting Sacrament Mountain Real Estate Market for the last 1 ½ years.  Every Associate within Blue Canyon Realty feels privileged and honored to serve you during this amazing market!!

Lastly, we would like to introduce our Blue Canyon Team below.   Listing Specialist, Randy Everett & the  Listing Team helped 29 folks get their mountain properties sold during the first half of 2017 while the average sold was 7 for the other top 10 companies.  Call Randy and Team at 575-682-2583.  During the same time Blue Canyon Buyer Specialists Debbie Tate, Thomas Mack & Joey Rogers helped 42 buyers to a successful closing while the other top 10 mountain companies had 2-10 sales.  They are joined this summer by Buyer Specialist Nikki Archibeque-Harrell.  For buyer questions they can be reached at 575-495-2525.
If you are in Cloudcroft, please stop by and visit.  We’re right on Hwy 82 between the school and Allsups.  Call us at 575-682-BLUE (2583) or e-mail to:  info@BlueCanyonRealty.com.  Visit our website:  BlueCanyonRealty.com where you can see our newest listings and search the MLS.  Statistics in this report are from the Otero County Multiple Listing Service as of 7/1/2017. 

Randy Everett         

Owner, Qualifying Broker, Listing Specialist
Blue Canyon Realty Team