Mary Weaver

There has been a lot of interest in Alto Village real estate this summer with prospective buyers looking to take advantage of a large inventory of homes for sale, and market conditions that have cooled prices since the highs of 2006 and 2007.

Alto Village is made up of 7 individual subdivisions: Alto Lakes Golf & Country Club, Deer Park Meadows, Deer Park Valley, Deer Park Woods, High Mesa, Lakeside Estates, and Sierra Blanca. Today’s buyers are looking for value, or “a great deal”, so I thought it would be good to compare the numbers by subdivision in Alto, and look at recent price reductions.

The chart below shows data for each subdivision.

As you can see, there have been some significant price reductions, especially in Deer Park Woods and Sierra Blanca. If you would like information on specific listings that have been reduced, or to receive a list of all properties for sale in Alto Lakes Golf & Country Club, please contact me, or email mary@ruidoso-homes.com or call or text me at 575-937-5229.

Read more about Alto NM real estate at the RuidosoBlog.com.

The Upper Canyon is a popular area located on the far west end of Ruidoso, and is comprised of several separate subdivisions. Main Rd. follows the path of the Ruidoso River from Mechem Dr, west to the Mescalero Apache Reservation border. Many of the homes in the Upper Canyon area were built in the 1930s thru the 1960s. Some have been remodeled and some have not. There are many nice, large homes located on the Ruidoso River as well as many small cabins scattered along the valley and hill sides.

The subdivisions I have included for this article, and analysis of recent sales data, are: Central, Chateaux Village, Cree, Dufo, Flume Canyon, McCarty, McDaniel Heights, Pinescape, Sherwood Forest, Sleepy Hollow, Singing Pines, Silver Mountain Terrace, Ruidoso Acres, and White Fir.

In looking back at 12 months of sales data for the Upper Canyon area, there were 13 transactions closed from June 1, 2008 thru June 01, 2009. Search for Homes in Ruidoso click here Sold transactions ranged from a high sold price of $590,000 to a low listing price of $50,000, and a median sold price of $169,000. List to sold price ratio was 91.9%. The median “days on the market” was at 197.

Keep in mind that in July of 2008, the Upper Canyon was hit hard by one of the worst floods in Ruidoso history. Months of bridge repair and river cleanup followed, with some repair work still underway today. Driving down Main, however, there are only a few areas where you see the impact of the flood, mostly at the river crossings. Many of the homes in the area were not affected at all. The flood has probably slowed real estate sales in the Upper Canyon this year, however, it is impossible to know what amount of decline is attributable to the flood damage and what to the general downturn in the real estate market here and nation wide.

Currently, there are 31 homes for sale in the Upper Canyon area. Listing prices range from $68,800 to $599,850.00 with a median of $229,000. Median price per sq. ft. based on listing price is $148.64. To search all properties for sale in Ruidoso, click here.

If you would like to view current listings in a specific area, such as Upper Canyon, email me for a link to those properties. Now is a great time for buyers looking in the Ruidoso area and we are seeing more motivated sellers, and price reductions.

Contact me for price reductions, custom property searches, or any questions you might have regarding real estate in the Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.

Read more about Ruidoso real estate at the Ruidoso-blog.

The Spring & Summer Events Calendar for Ruidoso has some great shows scheduled. From a very worthwhile fundraiser for Hospice at the Flying J Ranch, to concerts at the Inn of the Mountain Gods and Ruidoso Downs Race Track, the lineup for 2009 is a good one !

Here are some of the many events on schedule for April-June. Detailed links to these events may be viewed at the Ruidoso Blog website.

* 3rd Annual Kite Festival - Ruidoso - April 24, 25, 26

* Kenny Rogers - Inn of the Mountain Gods - May 1

* Annual Hospice Fundraiser - Flying J Ranch - May 2

* Rodney Carrington- Inn of the Mountain Gods - May 14

* Military Appreciation Weekend - Ruidoso, May 14-17

* Aspencash Motorcycle Run & Trade Show - Ruidoso Convention Center - May 14-17

* Ruidoso Downs Racetrack Opening Day -May 22

* Joe Nichols in Concert - Ruidoso Downs Racetrack - May 23

* Ruidoso Noon Lions Gun & Collectible Show - Ruidoso Convention Center - May 23 & 24

* Ruidoso Sprint Triathlon - Ruidoso Athletic Club - May 30 * Mountain of Blues Festival - Ruidoso - June 6

* Zia Charity Classic - Inn of the Mountain Gods - June 14

* Spring Fling Rod Run & Car Show - Mountain Annies - June 20

Contact me for any questions you might have regarding real estate in the Ruidoso area. I’ll be glad to set up a email notifier for you to get listing alerts. Email mary@ruidoso-homes.com or call or text me at 575-937-5229.

As I have mentioned before, there are a lot of potential home buyers on the sideline, looking for deals steals, and trying to gauge a market bottom. Nothing new with this strategy ( buying as low as possible ) especially in light of today’s uncertainty in the market.

The “experts” continue to weigh in, and I thought I would pass on a few points taken from today’s online article When home Prices Hit Bottom, over at CNNMoney.com .

1. If you are thinking of selling, you might want to wait due to high inventory & lower prices

2. Nationwide, home prices may hit bottom in late 2009, assuming government action works.

3. Recovery may be gradual. Prices may not return to 2006 levels for another decade.

4. Buyers need to think long term, take advantage of record low interest rates, and know thy market.

The Ruidoso area market is seeing signs of recovery, as buyers take advantage of the current market conditions (high inventory, motivated sellers and great interest rates). In general, sellers in our market are not as desperate to sell and/or reduce prices, as in markets such as Phoenix, AZ or Las Vegas, NV where foreclosures are common.

The media reporting on these areas would lead one to believe that all sellers are distressed, and we may have a few sellers that are, but most sellers in our area will only accept offers that are reasonable.

It is important to remember that “real estate is local” and all buyers and sellers should follow their local market conditions, and weigh the factors necessary to make informed decisions.

I will continue to provide in depth analysis of specific areas within our market as well as historic data on local subdivisions. If you would like information on an individual property or subdivision, please contact me, or email mary@ruidoso-homes.com or call or text me at 575-937-5229.

Read more about local market conditions in Ruidoso, New Mexico at this blog:

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.