Since June the real estate market in both Colorado and New Mexico has seen a shift towards a more normal market although with a more constricted inventory. During 2021 and into the early part of 2022 buyers were snatching up the farm and ranch inventory and new listings coming to market were not keeping pace thereby driving market prices higher and higher.
New Mexico has a much more constricted inventory than Colorado at this time. Especially in the $1-3 Million price range. Most of the quality properties have been sold. We are starting to see inventory in both states tick back up and there is still a healthy demand for quality properties. We have buyers currently looking for quality hunting properties in New Mexico and those one-of-a-kind iconic properties in both states. Also, live water properties are always in high demand. Ranches and properties with water rights and irrigable land are still in demand in both states and we are seeing interest from buyers in larger operating cattle spreads driven by the uncertainty that Covid created in markets and the political atmosphere.
We anticipate over the next 6-9 months as new properties come on the market we will work through the backlog of buyers still looking in both states. New Mexico in particular will be a bright spot in our farm and ranch markets we believe, as there is still a good demand for quality hunting properties and when compared to other markets is a relative bargain.