Cloudcroft Real Estate Update for 1st half 2018

Cloudcroft Real Estate Update for 1st half 2018…”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 our beautiful mountain area.

After a very dry winter and spring we are thankful we’ve had some nice recent rains.  The mountain is starting to green up and the wildflowers are bursting into bloom.  The high temperatures for Cloudcroft this week will be in the lower 70’s; just perfect for riding or hiking the trails!

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 2018.  As the #1 real estate office on the mountain every year since 2012, we’ve had our best first half ever!  Blue Canyon helped 47 of the 100 folks who sold mountain property and we are so happy to let you know that our mountain real estate market has finally experienced price appreciation!  Inventory is low so it is a good time to sell if you’ve been on the fence. 

Randy, an expert negotiator and skilled problem solver, leads our listing team with marketing, transaction, and office support.  We spend more marketing dollars than any other local company marketing our listings.  We also use sophisticated internet services to make sure every listing inquiry is broadcast to all Blue Canyon Buyer Specialists.  You can be assured that there is always someone who knows your property available to talk about and show your property!

Below you will find a detailed summary and analysis of the Cloudcroft Mountain Area Real Estate Activity for the first half of 2018.  It’s a RECORD BREAKING 1ST half! … 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 2017 2018 +/- Var % Var
Quantity Sold 68 66 -2   -3%
Volume Sold $ 11,488,650 12,388,900 +900,250 +8%
Average Sale $ 168,951 187,711 +18,760   +11%
Median Sale $ 155,500 165,000 +9,500   +6%
Quantity Active 208 184 -24 -11%

 

FINALLY…After 10 years of waiting…We have PRICE APPRECIATION across all categories…Values are increasing!!  We also realized another record breaking 1st Half!  For perspective, the average 1st Half Residential volume sold for the last 7 years is $8,277,699 vs. the current 1st Half volume sold of $12,388,900…WOW!  Both Average & Median sale price are up nicely & Inventory -11% makes for a continued recipe for further price appreciation. One last amazing statistic, at this point last year there were 14 improved properties under contract while this year there are 35 under contract; a 150% increase!! REMARKABLE…a very strong trend!!!

 

Residential Mountain by Price Point

Category Units Sold 2017 Units Sold 2018 + /-Var % Var Average Sale 2017 Average Sale 2018 % Var
0-150K 30 28 -2 -1% $96,217 $109,459   +14%
151K-300K 30 31 +1 +1% $195,505 $207,098   +6%
300K-up 8 7 -1 -12% $376,714 $414,857   +10%

 

Another strong demonstration of price appreciation is the fact that all 3 price points that we track are up very nicely in Average Sales price per unit over last year. The 0-150K category realized the greatest increase in value up 14% and this is on top of a 13% increase in value during 2017!  The Average Sale price of this category in 2016 was $85,424 vs. current of $109,459! WE NEED INVENTORY!

 

Residential Cloudcroft (Village only)

Category 2017 2018 +/- Var % Var
Quantity Sold 21 22 +1 +5%
Volume Sold $ 3,068,000 3,828,250 +760,250 +25%
Average Sale $ 146,095 174,011   +27,916 +19%
Median Sale $ 132,450 166,250 +33,800 +26%
Quantity Active 70 54   -16   -23%

 

The Village is “hotter than a pistol”! Total Volume Sold $ is +25%. Both Average & Median Sales price are up very strong & inventory is -23%! A total of only 54 properties are available for sale in the Village.  This is the lowest inventory  in 10 years which indicates that values should continue to increase. WE NEED INVENTORY!

 

Land Mountain

Category 2017 2018 +/- Var % Var
Quantity Sold 30 36 +6 +20%
Volume Sold $ 1,901,975 2,428,950 +526,975 +28%
Average Sale$ 63,399 67,471 +4,072 +6%
Median Sale $ 41,962 44,500 +2,538 +6%
Quantity Active 198 191 -7 -4%

 

We are comparing our land sales to some very strong numbers last year as 2017 was excellent for land sales.  The numbers show land sales in 2018 continue to be strong. Total Volume Sold $ is +28% & sales prices per parcel sold continue to increase.  It is good to see inventory slightly down to support values continuing to rise.

In summary, this is the first time since we began publishing this report that every single category  we track was positive!  It is very encouraging for us and for all of our Blue Canyon clients to FINALLY see PRICE APPRECIATION in your Sacramento Mountain paradise investments.

Lastly, we would like to introduce our Blue Canyon Team below.  Listing Specialist, Randy Everett & the  Listing Team helped 47 folks get their mountain properties sold during the first half of 2018 while the average sold was less than 6 for the other top 10 mountain companies.  Call Randy and Team at 575-682-2583.  Full time Buyer Agents; Debbie Tate, Joey Rogers, Nikki Harrell & Joey Pacheco have helped 39 folks purchase their mountain dream properties so far this year.  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 6/30/2018.