• Aug 16, 2018 Las Cruces home sales on near-record pace
    Gary Sandler
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    Published 16 August 2018

    According to an Aug. 13 report from the Las Cruces Association of Realtors, local brokers sold 216 new and existing homes, townhomes and condominiums during July, bringing the total number of sales closed through the first seven months of the year to 1,247 units.

    Historically, an average of 57.9 percent of annual sales take place during the first seven months of each year. Should this year mirror past trends, sales are track to reach 2,154 units. That number is slightly higher than the 2,136 units closed in 2006, which was the second-highest number of sales ever recorded in our area. The highest number of closed-sales on record, 2,303 units, was booked in 2007.

    Our area’s average sales price also continues to trend upward. The $216,995 average sales price for the 216 units sold in July exceeded by $2,525, or 1.3 percent, June’s average sales price of $201,171. This July’s average price also trumped last July’s average price of $192,823 by $24,172, or 12.5 percent.

    When tallied through the first seven months of this year, the average price for all homes sold was $203,696. That’s an $11,991, or 6.3 percent, increase over the $191,705 average sales price for all homes sold during the first seven months of 2017.

    Will sales production and prices continue to outpace last year as we approach the end of 2018? That remains to be seen. Freddie Mac announced on Aug. 9 that the interest rate for the average 30-year, fixed-rate mortgage held steady at 4.59 percent, with fees and points of one-half percent. A point is equal to one-percent of the loan amount. Last year at this time, the rate was 3.90 percent, also with fees and points of one-half percent.

    The trend will certainly continue if savvy buyers who intend to purchase a home take action before higher prices and mortgage rates put homeownership out of reach.

    See you at closing.

    Gary Sandler is a full-time Realtor and the owner of Gary Sandler Inc., Realtors in Las Cruces. He can be reached at 575-642-2292 or Gary@GarySandler.com.

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      Gary Sandler