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When Is the Best Time to Sell a House in New Mexico?

If you're thinking of selling your New Mexico home in 2020, here are the best (and worst) times of year to do it, by the numbers.

If you're thinking of selling your New Mexico home in 2020, here are the best (and worst) times of year to do it, by the numbers.

Updated March 23, 2020

When selling a home in New Mexico, timing isn't everything; however, it can certainly influence how long it takes and the price you're ultimately able to get.

If you have some flexibility with your sale, it's worth doing some market research to boost your chances of getting the best outcome possible.

The best month to sell a house in New Mexico is June. New Mexico homes sold in June sell 20 days faster and for $18,917 more than the respective annual averages.

Of course, this is just a small piece of the overall picture. Below, we've compiled some of the most important data to consider before deciding when to sell your New Mexico home, including monthly inventory, sale prices, sale-to-list ratios, days on market, and more.

The best time of year to sell a house in New Mexico

Determining the “right” time to sell your house is somewhat subjective, as it really depends on your specific goals and circumstances. That said, if you're like most sellers — i.e., your top priorities are selling high and fast — here's when you should list your New Mexico house.

Best month to sell a home in New MexicoTypical sale price premiumDays sold faster than average
June$18,91720 days

Source: Redfin Data Center, Jan-Dec 2019

Importantly, these trends can vary from region to region. The table below shows the most lucrative months to sell for five major cities in New Mexico.

CityBest month to sellTypical sale price premium
AlbuquerqueOctober$5,450
Rio RanchoDecember$12,225
Santa FeOctober$50,333
Farmington, NMDecember$5,098
Las CrucesJuly$1,385

Source: Redfin Data Center, Jan-Dec 2018

New Mexico real estate market trends

Zooming back out to the national level, housing market activity — that is, the number of active listings and sales — is cyclical, peaking in late spring and hitting its annual low towards the end of the year.

Active listings and volume of home sales since 2016

Source: Realtor.com, Jul 2016-Feb 2020

As you can see above, the overall volume of pending sales — which is a good gauge of buyer demand — reliably spikes in May. So is listing in late spring always going to be the best move? Not necessarily.

That corresponding spike in inventory (number of active listings) also means more competition. Depending on factors like your property's age, condition, location, etc., this could actually make it more difficult and/or expensive to sell.

Moreover, these trends vary considerably on state, regional, and local levels. To provide a more comprehensive picture of seasonal housing market trends in New Mexico, we've compiled some of the most important data points below, along with some simple definitions and advice.

Median sale price in New Mexico by month

Month with highest median sale priceMedian sale pricePremium over annual average
June$417,000$18,917

Source: Redfin Data Center, Jan 2019-Dec 2019

Median sale prices can help you understand when home sale prices for New Mexico homes are typically at their annual high and low. When you zoom out and look at median sale prices over the course of a larger span of time — say, several years — it can also indicate broader trends, like home value appreciation and increasing buyer demand. The graph below shows median sale price trends in New Mexico during 2019.

MonthMedian sale price in New Mexico
January$403,000
February$373,000
March$399,000
April$364,000
May$407,000
June$417,000
July$417,000
August$411,000
September$411,000
October$400,000
November$376,000
December$399,000
Annual average sale price in New Mexico$398,083

Source: Redfin Data Center, Jan 2019-Dec 2019

Median days on market (DOM) in New Mexico by month

Fastest month to sell in New MexicoMedian DOMDays sold faster than average
June48 days20 days

Source: Redfin Data Center, Jan 2019-Dec 2019

Days on market — or DOM — is commonly defined as the number of days from when a property is officially listed on a multiple listing service (MLS) and a sales contract is signed.

When a market has a low median DOM, that's usually an indicator of favorable conditions for sellers, i.e., a high demand among buyers. Conversely, a higher median DOM signifies low demand, meaning less favorable conditions for sellers. Remember, seasonality can be a big factor, particularly in regions with bigger weather swings throughout the year. Moreover, demand can vary considerably from neighborhood to neighborhood. Talk to your realtor for an accurate read on current — or seasonal — market conditions in your area, specifically.

MonthMedian days on market in New Mexico
January91 days
February83 days
March98 days
April67 days
May51 days
June48 days
July55 days
August56 days
September63 days
October70 days
November60 days
December71 days
Annual average DOM in New Mexico68 days

Source: Redfin Data Center, Jan 2019-Dec 2019

When should you sell your New Mexico home?

Sometimes life changes — expected or not — can require selling during a slower month or time of year. That's ok! The most important factor in deciding when to sell your house is you. Consider your own needs, financial situation, and timeline above everything else.

If your reason for selling is relatively flexible — say, you're looking for a bigger house or more convenient neighborhood — it might be worth trying to time your sale; however, waiting for peak market conditions isn't worth missing, say, a great job opportunity or putting off an important life goal, like retirement.

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Ben Mizes

Ben Mizes is the co-founder and CEO of Clever Real Estate, the free online service that connects you with top agents to save thousands on commission. He's an active real estate investor with 22 units in St. Louis and a licensed agent in Missouri. Ben enjoys writing about real estate, investing, personal finance, and financial freedom. He's a serial entrepreneur, having run several successful startups before Clever Real Estate. Ben's writing has been featured in Yahoo Finance, Realtor News, CNBC, and BiggerPockets.

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