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Jul 18, 2016 Average home price increases by $2,346

Gary Sandler

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Published July 18, 2016

The average sales price for the 806 new and existing homes, townhomes and condominiums sold during the first half of the year rose by 1.4 percent, or just over $2,300, according to reports from the Las Cruces Association of Realtors.

Seventy-eight of the total were new construction, with the remaining 728 falling into the existing-home category. In comparison, a total of 715 homes were sold through June of last year.

Local Realtors sold an average of 15 more homes each month during the first half of this year than they did during the same period last year. Homebuilders increased their sales numbers by 6-units, or 8.3 percent, but sacrificed an average of $8,561 per unit in the process.

Existing-home sales were up 13.2 percent, with the average price per unit rising by $3,723, or 2.2 percent. The number of short sales, where the owner’s existing lender agrees to accept a sales price that’s less than what’s owed on the property, continued to diminish. Sales of bank-owned properties remained about the same, albeit the average price rose slightly.

All-in-all and with the exception of the average sales price of new homes, our market continues to move forward at respectable pace. Pending sales, which is an indicator of future closings, have been on the rise and bode well for increased sales and prices over the next couple of months. What happens after that is anyone’s guess.

See you at closing!

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