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Average prices on sold homes slowly increasing, stabilizing in San Juan County

Matt Hollinshead   | Farmington Daily Times

FARMINGTON — San Juan County real estate agents noted some key factors while analyzing the slow, steady increase in average prices on sold homes the last few months, paired with the decreased time those units were on the market.

One, there’s an influx of people moving from bigger metropolitan areas out of state finding more value in San Juan County properties, and also having the financial means and equity to pay those higher prices.

Two, potential buyers seem to be more comfortable making a decision on a home now that COVID-19 cases are going down and vaccination rates are going up.

“People don’t like uncertainty when they’re making a major decision… We’ve got a little bit of a handle on COVID now. There’s some light at the end of the tunnel,” Keller Williams Realty’s Barry Digman said, adding that vaccine distributions are giving people hope that things will stabilize. “Now that we’ve settled down a little bit, they’re willing to get out there and make that long-term commitment.”

Since November, the average sale price on residential units during that three-month period ranged from $219,081 to $222,594, according to the latest San Juan County Board of Realtors data. Those units also spent between 55 and 66 days on the market.

Michelle Anthony of Ramsey Realty in Aztec said she suspects potential buyers are feeling more confident about the market to make a purchase.

“They’re buying now before it goes any higher,” Anthony said. “They’re looking at areas where their money will go further.”

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Between January 2020 and October 2020, the average sale price range fluctuated between $177,105 in March (when New Mexico confirmed its first case of COVID-19) and $219,715 in August. Those units spent between 70 and 128 days on the market during that same time frame, including 90-plus days for both May and June.

Between January 2020 and August 2020, the number of active listings remained in the 400s. However, the number’s steadily dropped since September — going from 373 active listings that month to 298 active listings in January 2021.

Anthony said she has people coming in from Nashville, Phoenix and the greater Los Angeles area, adding they were presumably ready for a change and had the money to afford higher-priced homes. 

Digman said he’s noticed people from areas like Denver and Seattle committed to moving to San Juan County because they’d get more value buying a property compared to other metropolitan areas.

“That makes our market more attractive from that standpoint,” Digman said.

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Anthony said she expects the consistent activity seen these last few months to continue through at least the summer.

“Right now, the market is fairly strong,” Anthony said.

Matt Hollinshead covers sports and business for the Daily Times. He can be reached at 505-564-4577, and on Twitter at @MattH_717.

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