Like many real estate markets across the nation, Lincoln County’s numbers are down 25 per cent or more, depending on which area you look at. Total dollar volume and number of units sold, for the entire county, has declined by 24 per cent, comparing 2008 vs. 2007. Ruidoso’s total dollar volume on sale of residential units dropped about 19 per cent, while number of units sold declined about 22 per cent. Alto Lakes Golf & CC dollar volume declined about 42 percent, while the area surrounding Alto ( N. Ruidoso to Bonito River ) was down about 6 per cent.
Buyers Market: The opportunities for buyers continue to improve as motivated sellers are reducing their prices. There is a constant negative media drumbeat of a troubled economy, government stimulus bills pending, and job losses nationwide. The news about the housing market does not inspire confidence, and buyers are in waiting, trying to guess when and where the market bottoms.
Housing Affordability at Record High: The National Association of Realtors carefully track housing and economic data and issue a periodic report on the housing market. A recent article titled: Pending Home Sales Down but Housing Affordability at Record suggest that the current Housing Affordability Index rose in January by 13 percentage points, which was a record high, and the most favorable index since tracking began in 1970.
Markets that have been hit the hardest such as Phoenix, Las Vegas, and Miami have seen price reductions of 40 per cent. A recent article in the Wall St. Journal online edition describes a great opportunity for many buyers who were previously priced out of these markets.
How much lower will the market go here in Lincoln County? I honestly cannot predict it. We are now seeing price reductions of 25 to 40 per cent. There are some great buys out there.
Visit the Ruidoso Blog to learn more about real estate in Lincoln County.
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