• Gary Sandler
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    Published 13 September 2020

    Las Cruces-area Realtors had the best August in 14 years, according to a September 8 report from the Las Cruces Association of Realtors. Local agents sold a total of 216 new and existing homes, townhomes and condominiums during the eighth month of the year, up 19-units from the 197 homes sold in August of 2019. The best August on record was booked in 2006 when a total of 226 properties changed hands.

    Although the 216 sales booked in August fell 9-units below the 225-units sold in July, August’s median price of $221,560 exceeded by $11,560, or 5.5 percent, the $210,000 median price for the new and existing homes, townhomes and condominiums sold in that month. August’s median sales price also exceeded the $188,950 median sales price reported in August of 2019, rising by $32,610, or 14.7 percent, year-over-year. The median is where half sold for more and half sold for less.

    A look at the individual property-types provides an in-depth perspective on how each segment of our market performed. Take new single-family home-sales, for example. Builders sold 28 new homes in August at a median sales price of $264,788. One year earlier, in August of 2019, 28 homes sold at a median price of $210,960. The $53,828 difference represents a year-over-year appreciation rate of 25.5 percent.

    Previously owned single-family homes accounted for 172 of the total sales in August and carried a median sales price of $219,500. When compared with the 153 sales booked at a median sales price of $186,000 in August of 2019, sales rose by 19-units while the median price increased by $33,500 to $145,000, for an 18.0 percent gain.

    The nine townhome sales booked in August fell 1-unit shy of the 10-units sold in August of 2019, but the increase in the median sales price was significant. This year’s median price of $145,000 exceeded by $25,500 the $119,500 median price posted one year earlier, for an increase of 21.3 percent.

    Condominium sales also improved, rising to seven sales this August as opposed to 6 sales in August of 2019. The median price also rose, skyrocketing to $159,000 from $118,500 one year ago.

    Lawrence Yun, chief economist for the National Association of Realtors, recently observed that “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.” That fact, coupled with the reality that our local home inventory as of this writing consisted of just 240 homes, townhomes and condominiums for sale, is a strong indicator that our market should remain strong for the foreseeable future.

    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