Metropolitan Statistical Area (MSA):
Clovis, NM is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Clovis, NM metropolitan statistical area (MSA) has been one of the hardest hit areas in terms of the housing market crash. However, there are signs that the market is beginning to rebound. According to RealtyTrac, a leading online real estate marketplace, foreclosure filings in the Clovis MSA were down 19 percent in 2012 compared to 2011. This is good news for a region that was once considered to be ground zero for the housing crisis.
In addition, home prices in the Clovis MSA have begun to stabilize after years of decline. The median sales price for a home in the region was $142,000 in 2012, which is up slightly from $140,000 in 2011. This is still well below the pre-recession peak of $169,000 set back in 2007; however, it does represent a positive trend.
Finally, there has been an increase in demand for rental properties in the Clovis MSA as more people are choosing to rent rather than buy a home. This has led to an increase in rents and vacancy rates are now at their lowest level since 2009.
All of these trends point to a slowly recovering housing market in the Clovis MSA. While it will take time for prices and sales activity to return to pre-recession levels, there are definitely signs that things are moving in the right direction.