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New Mexico real estate

New Mexico’s Housing Market – Finally Stable

There may not have been a state hit harder by the Great Recession than New Mexico. Even before the U.S. economy went bust, New Mexico’s state economy was struggling. Historically, New Mexico has the biggest gap between the rich and the poor. And, as of the beginning of 2013, New Mexico’s biggest city – Albuquerque – was still officially in a recession.

So, what’s the problem here? And, more importantly, can New Mexico’s housing market get on track anytime soon?

Realtors in New Mexico will tell you that you can’t have a healthy housing market without a healthy jobs market. And, unfortunately, New Mexico’s unemployment picture isn’t the brightest one. Add to it the fact that New Mexico spent much of 2012 dealing with a massive drought – which gutted the tourism industry – and you have a state that has flat employment, with a chance of employment going over a steep cliff.

Speaking of cliffs, even though Congress avoided going over the fiscal cliff, if there are major cuts to the federal budget, it will have a big effect on New Mexico’s economy. That’s because this state receives more federal money than its residents pay in taxes. As a result, there isn’t a ton of money for people to spend on homes for sale here!

Because the demand for home ownership isn’t very high in much of the state, the number of permits being applied for isn’t high, either. In fact, in November of 2012, the number of permit applications in Albuquerque was half of what it was in March of 2012. So, the people who do want to buy here won’t have much new construction to choose from.

However, it looks like most of the new homes for sale in New Mexico’s biggest city will be on one side of town. Nearly 40% of the permits issued were in the Northwest Quadrant.

What about other cities?

Las Cruces actually saw more permit applications in 2012 than it did in 2011.

The good thing about selling in Las Cruces for the foreseeable future?

The inventory is very low, and realtors think it will stay that way for awhile. So, with fewer homes to choose from, buyers are having to pay slightly higher prices. Even though the average homes for sale in Las Cruces sell for less than $150,000, there are a number of buyers shopping in that range!

So, what’s the bottom line?

Realtors in New Mexico are busy focusing on the positives – like low sales prices and low mortgage rates. While the market isn’t nearly as healthy as anyone would like it, prices seem to have stabilized – which has people here smiling.

Living in New Mexico

With its rose-colored deserts and snow-capped peaks, New Mexico offers the best of both worlds. How many other states can say that?! In fact, New Mexico is nicknamed “The Land of Enchantment” for its natural beauty.

New Mexico has a rich history. It played a part of the Imperial Spanish viceroyalty of New Spain, part of Mexico and is a U.S. territory. Today, it has the largest number of Hispanics to include descendants of Spanish colonists.

New Mexico is made up of desert, high plains and mountains, so the climate depends on which part of the state you’re in. Winter temperatures can range from 64 °F in the southeast to under 40 °F in the mountains. If you’re in the mountains, be prepared for snow. Summer temperatures can often exceed 100 °F at lower elevations, with cooler temperatures in the higher elevations.

Before you head off to New Mexico, let’s go over some of the fast facts:

  • What is the population of New Mexico?
  • The population of New Mexico is 2,085,538
  • What is the capital of New Mexico?
  • The capital of New Mexico is Santa Fe
  • What is the largest city in New Mexico?
  • The largest city is Albuquerque

Because the economy here is so dependent on government spending , if you live here, there’s a good chance you have a federal job. New Mexico is home to three Air Force bases – Kirtland Air Force Base, Holloman Air Force Base, and Cannon Air Force Base. There’s also a testing range here called the White Sands Missile Range and the Army proving ground called Fort Bliss.

There is so much to do and see in New Mexico. If you are a fan of the Arts, the Santa Fe Opera house offers all kinds of events during the summer months. Also located in Santa Fe, the Museum of Indian Arts & Culture boasts a 42,000-piece collection.

If you love being outside, Hyde Memorial Park in Santa Fe offers an ideal spot for picnics and camping with gorgeous views. Want something more adventurous? Hop on the Sandia Peak Tramway in Albuquerque. You’ll wind up at the 10,000-foot peak of the Sandia Mountains.

Or, head to the alpine ski resort known as Taos Ski Valley. It’s a tourist hotspot, but the locals love coming here, too!

No matter what you do, it will be “enchanting”!

This is the Census data for New Mexico

Population

Total population estimate for New Mexico (July 1) 2012
2,085,538
Total population change for New Mexico- April 1, 2010 to July 1, 2012
1.3%

Age

Percentage of the population that's under 5 years old in New Mexico, 2011
7.0%
Percentage of the population that's under 18 years years old in New Mexico, 2011
24.9%
Percentage of the population that's 65 years and over New Mexico, 2011
13.6%

Gender

Percentage of the population that are females in New Mexico, 2011
50.5%

Race breakdown for New Mexico in percentages

White alone, 2011
83.4%
Black alone, 2011
2.5%
American Indian and Alaska Native alone,2011
10.1%
Asian alone, percent, 2011
1.6%
Native Hawaiian and Other Pacific Islander alone, 2011
0.2%
Two or more races, 2011
2.3%
Hispanic or Latino Origin, 2011
46.7%
Not Hispanic, White alone, 2011
40.2%

A little more about the residents of New Mexico

Percentage of residents who lived in the same house 1 year ago, 2007-2011
84.6%
Percent of residents who are foreign born 2007-2011
9.8%
Percent speaking a language other than English at home, 2007-2011
36.2%

Education

Percent high school graduates or higher for residents 25 years old and over in New Mexico, 2007-2011
83.1%
Percent with a bachelor's degree or higher for residents 25 years old and over in New Mexico, 2007-2011
25.4%

Veterans

Total number of Veterans living in New Mexico 2007-2011
176,805

Communting

The average travel time to work for workers in New Mexico (16 years and over not working at home), 2007-2011
21.8 mins

Real estate stats in New Mexico

Housing unit estimates, 2011
908,132
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
69.6%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
15.0%
Median value of specified owner-occupied housing units, 2007-2011
$161,800.00
Households, 2007-2011
762,002
Average household size, 2007-2011
2.62

Income

Per capita income for New Mexico in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$23,537.00
Median household income in New Mexico, 2007-2011
$44,631.00
Percentage of people living in poverty in New Mexico 2007-2011
19.0%

Business and commerce info for New Mexico

Private nonfarm establishments, 2010
44,221
Private nonfarm employment for pay period including March 12, 2010
600,165
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
9.2%
Total number of businesses in New Mexico, 2007
157,231
Percentage of Black-owned businesses in New Mexico, 2007
1.2%
Percentage of American Indian- and Alaska Native-owned businesses in New Mexico , 2007
5.3%
Percentage of Asian-owned businesses in New Mexico, 2007
2.1%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in New Mexico, 2007
0.1%
Percentage of Hispanic-owned businesses in New Mexico, 2007
23.6%
Percentage of Women-owned businesses in New Mexico, 2007
31.7%

Land size and population

Size of New Mexico in Square Miles, 2010
121,298.15 mi²
Population per square mile in New Mexico, 2010
17.0

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