Published 20 September 2018
According to a Sept. 14 report from the Las Cruces Association of Realtors, local Realtors sold 202 new and existing homes, townhomes and condominiums during the month of August, representing a 14 unit, or 7.9 percent, increase over the 178 properties sold in August of 2017. A total of 1,455 Las Cruces-area properties have been sold through the first eight-months of this year.
Over the past three years, an average of 67.1 percent of annual sales have taken place during the eight-months of each year. When applied to this year’s total of 1,455 units, the percentage indicates that this year’s sales total is on track to reach 2,168 units. That number is 32 units higher than the 2,136 units closed in 2005, 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 2006.
While the $202,757 average sales price for the 202 units sold in August was $15,262, or 7.5 percent, below July’s average sales price of $218,019, it was also $4,677, or 2.5 percent, higher than the $198,080 average sales price posted in August of 2017.
When tallied through the first eight months of this year, the average price for all new and existing-homes sold was $203,797. That’s an $11,175 — or 5.8 percent — increase over the $192,622 average sales price for all homes sold during the first eight months of 2017.
Will this year’s higher mortgage interest rates negatively affect sales during the remaining four-months of the year? That’s anybody’s guess. Freddie Mac reported on Sept. 13 that interest rates for the average 30-year, fixed-rate mortgage were 0.82 percent higher than they were at the same time last year. Freddie Mac also reported that the average rate for a 30-year, fixed-rate mortgage is currently in the 4.6 percent range, with fees and points of one-half percent. A point is equal to 1 percent of the loan amount.
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.