• Jun 16, 2019 $168.7 million in home sales closed through May
    Gary Sandler
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    Published 16 June 2019

    Local Realtors sold 828 new and existing homes, townhomes and condominiums valued at $168,712,578 through the first five months of this year, according to a June 11 report from the Las Cruces Association of Realtors. While the total number of sales booked this year fell six units shy of the number of sales closed during the same period last year, this year’s dollar volume outpaced last year’s total by $2,905,460.

    When segregated into individual property types, the statistics reveal which types of homes were most preferred by buyers. Here’s how prices and production performed in each category.

    New free-standing, single-family homes. Buyers purchased 133 newly constructed single-family residences valued at $30,075,383 through the first five months of this year, which was a 15.7% improvement over the 115 new-home sales booked a year earlier. This year’s averages sales price of $226,131 was 1.6% higher than last year’s average price. The median price, which is where half sold for more and half sold for less, rose by 2.5%. The typical new home contained 1,788 square feet of living space, took 76 days to sell, and sold for 100% of its asking price at an average per-square-foot price of $126.27.

    Existing free-standing, single-family homes. The 636 sales of previously owned homes represented a decline from the 662 homes sold last year, but the average and median prices both showed signs of improvement. The total dollar volume reached $131,013,480. This year’s average price of $205,996 outpaced last year’s average price by 2.5%, while the median price increased by 3.6%. On average, the homes contained 1,943 square feet of living space, and sold for 98% of their asking prices at $107.09 per square foot after 76 days on the market.

    New townhomes. Of the 39 townhome sales booked this year, just three were brand new. Builders sold their products for an average price of $172,967 at $136.39 per square foot, registering a total dollar volume of $518,900. The average unit contained 1,275 square feet of heated and cooled living space and sold for 99% of its asking price after 46 days on the market. No new townhomes were sold during the same period last year.

    Existing townhomes. Thirty-six secondhand residences changed hands at an average price of $134,675 and $105.96 per square foot. This year’s average price exceeded last year’s average by 3.8%. The number of sales represents a 12.5% increase over the 32 townhomes sold one year ago. This year’s median price of $129,750 exceeded last year’s median of $124,500 by 4.2%. The typical home contained 1,323 square feet and sold for 98% of its asking price after 48 days on the market. The dollar volume reached $4,848,315.

    Condominiums. The 20 condo units sold this year at a dollar volume of $2,256,500 represented a decrease from the 25 condo units sold one year ago. This year’s average price of $112,825 represented a 4.5% decline from the $118,178 average posted last year. The median price also declined, dropping by 4.7%. Condo sellers achieved an average of 93% of their asking prices, indicating that demand continues to decline. The average unit contained 1,107 square feet of living space and sold for $109.65 per square foot after 52 days on the market.

    Realtors interviewed for this piece attribute the reduced number of existing-home sales to a shortage of inventory, which homebuilders have reacted to by building more homes. The recent announcement by the Federal Reserve that the interest rate increases that were slated for later this year are now off the table, coupled with rising wages, is a good indicator that buyers will continue to outnumber sellers for the foreseeable future. That imbalance will serve to perpetuate the seller’s market we’ve been experiencing for the past year, pushing prices even higher.

    See you at closing.

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

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      Gary Sandler