Monday, May 12, 2008

Real estate in Silver City

Real estate sales 2008 compared to 2007 in Silver City, New Mexico

You hear all sorts of information about what is happening with real estate in Silver City. One realtor recently gave a lecture about how the downturn is not affecting Silver City. Some realtors are afraid to admit the market is down, thinking buyers will expect super low prices. My personal opinion is, just tell the truth. If people have unrealistic expectations based on the truth, they might have unrealistic expectations and mistrust me based on my lies.

When I run statistics from the Silver City multi-listing service the results are:

Number of land sales January to May 12, 2007: 79

Number of land sale January to May 12, 2008 : 27

Number of home sales January to May 12, 2007: 102

Number of home sales January to May 12, 2008: 76

Am I seeing a big decrease in prices? No. Most sellers are taking a wait and see approach. Very few of our sellers are moving due to job transfers, and have to move in a specific time frame.

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