Mary Weaver

With the Labor Day weekend behind us, and Fall coming on, I thought we might take a look at the numbers for Ruidoso real estate during the summer months (June through August), and compare this selling season with that of 2007. Specifically, looking at residential units sold (site built homes, town homes & condos) in a price range of $150,000 to $350,000. Currently the median price for sales in this category of property is $225,000.

The total number of units closed in this time period was down 40% from 62 units sold in 2008, to 37 units sold in the summer of 2007. The total dollar volume of closed units for summer of 2008 was down 38%, from $13,794,750 in 2007, to $8,643,150 in 2008. The median number of “days on market” was up 28%, from 113 in 2007, to 156 in 2008. The median sq. ft. price for homes in this class went down by 3% - from $140.50 / ft., to $135.20 / ft., when comparing the two summer seasons.

The market in Ruidoso has experienced a slowdown similar to many residential markets across the country. Drops of 20% to 40% are common, with exception of a few strong markets in the Mid-West and Texas that have declined only slightly, and in some cases have even appreciated some.

With buyers on the sidelines, as indicated by increased “days on market”, we are beginning to see an increase in “price reductions”, where motivated sellers are aggressively adjusting their listing prices downward. With the recent reduction in interest rates brought on by the government take over of Freddie Mac and Fannie Mae, it is finally a true buyer’s market in Ruidoso!

Read more about Ruidoso real estate, and see the current Market Recap here.

The Southwest region of the United States is known for its lush native culture and the art it births. From Native American pottery and jewelry to beautiful sunset paintings, the region is home to many talented artists. Every year, the Ruidoso Chamber of Commerce hosts the Ruidoso Art Fest at the convention center. Local artists, as well as those from surrounding states, bring their wares to display and sell to private collectors or soon-to-be collectors.

The Ruidoso Art Fest is a juried show, not all applicants are selected to participate. Here you will see stunning works of glass, wood, acrylic, sculpture, and much more. A silent auction will be held near the front entrance to benefit a local charity.

To learn more about the Art Festival in Ruidoso please visit the Ruidoso Blog.

So you may be asking…what IS the real estate market doing in Ruidoso New Mexico? If you watch the evening news it sounds like real estate around the country is cratering, but in reality, there are only a few states (California, Florida, Michigan and to some extent Arizona) that are really having issues with lower prices, high inventory and foreclosures. In most Midwestern and Western states prices and inventory are holding steady although not making great gains. Here is a recent assessment from the National Association of REALTORS

You can see in the tables below that for site-built, single family homes in the Village of Ruidoso, the numbers have not changed drastically from 2007. The number of units sold in March & April were actually up, but the number of sales in May were down a bit. Most people in the area will agree that there are not as many people visiting Ruidoso in May and June as there usually are, and most of us attribute this to $4/gallon gas, not a deficiency in our market. I am convinced however, that as temperatures in TX and AZ rise, that the cost of being miserable and paying to air condition a home in 100+ degree temperatures will lose out to cool mountain air and gas that costs more than we like to pay.

To read more about the June 08 Market Update for Ruidoso, please visit:

Ruidoso Real Estate - Market Update June 08

Alto Village is a private residential community and country club, located north of Ruidoso. There are currently 107 homes for sale in Alto Lakes Golf and Country Club, with prices ranging from $ 219,999 to $ 1,975,000. The average home size measures 2764 sq. ft. while the median size is 2385 sq. ft.

Alto Village - Current Active Listings ( 107 )

( Site built - single family homes only )

To read more about Alto Village and Alto Lakes Golf & Country Club Real Estate, please visit:

The Ruidoso-Blog and Alto Village - Real Estate Market Update

If you have been working on a summer escape to Ruidoso that includes camping, you have probably discovered that the Lincoln National Forest has been closed until we receive some precipitation to relieve the dry conditions in our area. Currently, within the village limits of Ruidoso and Ruidoso Downs, no outdoor open flame of any kind is allowed, including cigarette smoking and gas grills. For a more comprehensive look of what the fire restrictions are in town and within the rest of the county, please take a look at the list of the Lincoln County fire restrictions. Don’t let the fire danger prevent a trip to our beautiful area. There are still so many wonderful things to do here, and I’ve included a list below to help guide you in the right direction.

Not only will the racing season begin at the Ruidoso Downs Racetrack, but Memorial Day Weekend is the perfect time to jump-start your summer activities. I’m including just a few of our community calendar events in this article, but with a little ingenuity on your part, you and your family can still find plenty to do in this neck of the woods.

Horse-racing Season: Ruidoso Downs Racetrack and Casino opens May 23 and runs through Labor Day. The racetrack is home to the world’s richest Quarter Horse race, the All American Futurity. To start things off, Country Music artist Marty Stuart will be performing live at the racetrack on May 24. For times and information, visit the Ruidoso Downs Racetrack website.

To read more of this article, please visit: Ruidoso Events Calender - Racing, Shows, Art, Outdoors