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San Juan real estate: Home prices, sales grow

FARMINGTON — Home prices and sales in San Juan County and across New Mexico rose again in August, suggesting the real state market continues to steadily improve.

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Print   Email   Font ResizeSan Juan real estate: Home prices, sales growBy Chuck Slothower cslothower@daily-times.comUpdated:   09/22/2012 09:21:45 PM MDT var requestedWidth = 0; if(requestedWidth > 0){ document.getElementById('articleViewerGroup').style.width = requestedWidth + "px"; document.getElementById('articleViewerGroup').style.margin = "0px 0px 10px 10px"; } FARMINGTON — Home prices and sales in San Juan County and across New Mexico rose again in August, suggesting the real state market continues to steadily improveHomebuyers snapped up 66 residences in August, up from 63 a year ago in San Juan CountyThe median price rose 7 percent to $181,750 compared with a year earlier, according to data from the San Juan County Board of RealtorsThe up tick is due to first-time homebuyers, some homeowners moving up to larger residences and speculation that the oil and gas industry will improve, said Lela Holmes, owner-broker of San Juan Realty in FarmingtonHolmes pointed to a client who owns a two-bedroom, two-bath home and is looking for a larger residence"You have quite a few people moving up," she said"We're also getting people moving here." Some buyers are banking on more activity from oil and gas firms, Holmes saidA few drillers, most prominently Encana Corpand Bill Barrett Corp., are exploring for oil in the south San Juan Basin"A lot of people are excited about this possibility of horizontal drilling," Holmes saidProperties are moving fasterSan Juan County homes in August spent on average only 88 days on the market, down from 121 in August 2011That was a 27 percent dropHomes priced at less than $200,000 are moving particularly quickly, Holmes saidNew listings are growing as well, with 129 market entrants in AugustStatewide, 1,440 homes were sold in August, a 13 percent gain from 1,273 a year ago.Advertisement

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