January the first month of the New Year.  January got its name from the Roman god “Janus”.  Janus, according to Roman mythology, was the guardian of portals and the patron of beginnings and endings.  He is shown as having two faces, one in the front of his head and one in the back.  January we look forward and we look behind.  We try to learn from the mistakes of the past year, and then with optimism, we set our sights on new goals.  Like it or not, we move forward.

The “Crow’s Nest” is my musings on the real estate market in our service area.  It is hopefully and accurate representation of what has transpired in our market, good or bad.  The average buyer\seller may watch TV or read the news, but those fact and figures are general at best.  All real estate is local, and real estate in northeastern New Mexico is no exception.  I remember as a young man being told that liars figure and figures lie.  I have no intent to paint a picture that is completely dark with despair, but neither do I want to look at the facts through rose colored glasses. 

Real Estate sales in our sales area are down substantially.  It is indeed a buyers market.  If you are a seller, and if your property is not listed “in the market” then it will languish for an interminable amount of time.  In a good market the average Days On the Market (DOM) was 180 days, but now it is creeping to almost 7/8^th of a year.  That is unbelievable!  Also, while we are laying all the cards on the table, it is a fact that lenders want 15-20% down and still charge above average interest rates.  Unless, you are cash rich you shrug your shoulders, and acquiesce.

According to the “RANM Voice”, a publication published quarterly by the Real Estate Association of New Mexico, the median transaction in San Miguel County for November, 2010 was $308,750; in 2011 that same median transaction was $106,000 a DECLINE  65%!!!   The November Dollar Volume in Sales in 2009 in San Miguel County was $6,216,450, and in 2010 it was $3,070,500, a decline of 49%.  From 2010 to 2011 the sales went from $3,070,500 to $1,086,000 in November of 2011, a decline of 35%.  Are you beginning to get the big picture?  According to MSN “Real Estate” published online yesterday (January 5, 2012) the value of the average home has declined to almost 1989 values…WHAT?

It is a brave new world.  The banks “too big to fail”  are given billions of dollars, but we the consumer is stuck with every bill literally.  Both the “Wall Street Organizers” and the “Tea Party” groups have valid issues.  When your Congressman or Senator comes to Las Vegas to give us reasons we should send them back, I am not sure they should not be tarred and feathered.

Well, that is the way it looks from the “Crow’s Nest”.  As my beloved grandfather used to say, “Keep your nose clean and your butt in the saddle.”  I plan to do just that, maybe?