Cloudcroft Real Estate Update for full year 2017

“How’s The Mountain Market?”

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

Our Mission is to serve our clients with a level of real estate counsel and expertise that is effective and exceeds your expectations.  There are so many elements to mountain real estate that you just don’t encounter in cities or even down the mountain in Alamogordo.  By “Specializing” in Otero county mountain real estate we are keenly aware of all the land mines that are encountered in the mountains because that is what we deal with daily.  We have successfully guided 161 mountain transactions through these land mines last year while the average of the other top 10 real estate offices was 25 mountain transactions. From septic systems, surveys, access easements, environmental matters and water sources, we have expertise because we have experience and we deeply care about doing our best!  Speaking of doing our best, our Values are grounded in scripture, Colossians 3:23, “Whatever you do, work at it with all your heart, as working for the Lord, not for men.”

If you haven’t visited our website lately at BlueCanyonRealty.com take a look to see all our Listings along with YouTube aerial videos of many beautiful properties.  There’s hardly a better way to get a feel for a mountain acreage property than to “fly over” it!   We spend thousands monthly ensuring that our listings have the best exposure by having beautiful photos and the most exposure by having presence on all the most popular search sites including social media.

In addition to the Real Estate Report we have included TOP 10 office performance statistics for mountain properties sold in 2017 in Otero County.  Blue Canyon was 43% of the entire mountain market…  numbers do matter when it comes time for you to buy or sell Real Estate.  When you are making financial and lifestyle decisions you deserve the best services. 

The market has been strong in most catagories…  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.

 

Cloudcroft Area Real Estate Update Full Year 2017

 Blue Canyon Realty provides exceptional service for buying and selling real estate, along with education on local market trends and analysis.  To this end we are providing market statistics for the full year of 2017 as compared to the full year of 2016.

 

Residential Mountain

Category 2016 2017 +/- Var % Var
Quantity Sold 163 148 -15   -9%
Volume Sold $ $29,745,725 $27,771,850 -$1,973,875 -7%
Average Sale $ $182,489 $187,648 +5,159   +3%
Median Sale $  $147,000 $160,000  +13,000 +9% 
Quantity Active 186 170 -16 -9%

2017 was another exceptionally strong year for Sacramento Mountain Real Estate! While we didn’t set a new record, we were close and experienced the 2nd best performance on record.  Most importantly values continued to increase. The Median Sale $ is up from $128,000 in 2015 to $160,000 in 2017. Total Quantity Active has decreased from 233 units at the end of 2015 down to 170 units end of 2017. This is VERY significant and should ensure that we continue to realize price appreciation.  I do believe that part of the reason that we were down in Quantity Sold to last year was a lack of inventory. The economy is hitting on all cylinders which should continue to support demand. Good news on all fronts!!

 

Residential Mountain by Price Point

  Price

Category

Units Sold 2016 Units Sold 2017 + /-Var % Var Average Sale 2016 Average Sale 2017 % Var
$0-$150K 84 65 -19 -23% $95,562 $105,517   +10%
$151K-$300K 54 62 +8 +15% $210,254 $203,088 -3%
$301K – up  25 21 -4    -12%  $455,942  $396,276   -13%

As you might recall the “Price Point” story for 2016 was the high end properties with Units Sold up 92% and Average Sale price up 8%. We came back down to earth a bit during 2017 with 21 Units Sold, still very healthy and Average Sale price at $396.276, also healthy.  The “Price Point” story for 2017 was the fact that the $0 to $150K category was down 19 Units Sold but Average Sale price was up 10%. We have a very real shortage of inventory in this category with only 57 units currently for sale on the entire mountain! There are 72 units for sale in the mid-range & 36 units for sale in the high end range. This represents the tightest inventory in the last 9 years!

 

 Residential Cloudcroft (Village only)

Category 2016 2017 +/- Var % Var
Quantity Sold 50 51 +1 +2%
Volume Sold $ $8,132,500 $8,238,300 +$105,000 +1%
Average Sale $ $162,650 $161,535   -$1,115 -1%
Median Sale $ $150,850 $148,000 +$14,150 -9%
Quantity Active 72 56 -16   -22%

The Village of Cloudcroft also realized a healthy 2017. Quantity Sold and Volume Sold are up slightly over last year. Unfortunately values have remained stagnant. The fact that there current Quantity Active is only 56 units certainly should result in Village price appreciation during 2018. This is the lowest inventory in 9 years for the Village!

 

Land Mountain

Category 2016 2017 +/- Var % Var
Quantity Sold 45 59 +14 +31%
Volume Sold $ $2,102,100 $3,691,525 +1,589,425 +76%
Average Sale$ $46,713 $62,568   +15,855 +34%
Median Sale $  $32,000  $40,000 +8,000 +25% 
Quantity Active 168 207 +39   +23%

Land sales came roaring back in 2017. These are very significant upside numbers for land. Both Average and Median Sale price are way up! The only concern is the spike up in inventory which can be attributed primarily to a major increase of lots for sale in Timberon. The start of 2018 has continued very strong for land inquiries & contracts!

In summary, we have every reason to believe that 2018 will be another healthy year for Sacramento Mountain real estate.  Oil continues to recover. The stock market remains very strong with the tax changes providing significant economic momentum. Consumer confidence is very high. Interest rates are still very low and inventory for sale is tight. If you want to sell a property, these are the best conditions since 2007. If you are a buyer, we would encourage you to move quickly while interest rates are still low and before we see prices ramp up due to low inventory. We are here to serve your Real Estate needs as SPECIALISTS.  Randy exclusively represents sellers; call him at 575-430-0510 for any real estate listing questions.  Debbie, 575-430-9511, Thomas, 575-491-4347 Joey, 575-491-8434 and Nikki 505-715-8326 exclusively represent buyers.  For immediate buyer questions call us at 575-495-2525.

 All statistics are from the Otero County Multiple Listing Service as of January 1, 2018 with an added Otero county land sale.

If you are in Cloudcroft, please stop by and visit.  We’re right on Hwy 82, between the schools and Allsups. Call us at 575-682-BLUE(2583) or e-mail at:  info@BlueCanyonRealty.com

Visit our website: BlueCanyonRealty.com where you can see our newest listings and search the MLS.

THANK YOU FOR MAKING US YOUR #1 CHOICE

 

Randy Everett     

 

Owner, Qualifying Broker, Listing Specialist

Blue Canyon Realty Team