• Sep 27, 2020 High-end Las Cruces home sales jump 44 percent
    Gary Sandler
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    Published 27 September 2020

    An interesting phenomenon is taking place in the Las Cruces-area real estate market. According to a Sept. 15 report from the Las Cruces Association of Realtors, high-end home sales are outperforming sales of moderately-priced properties.

    Local Realtors sold a total of 1,551 new and existing homes, townhomes and condominiums through Sept. 15 of this year, which represents a 28-unit increase over the 1,523 properties sold during the same period in 2019. What’s interesting is that the number of homes sold that were priced below $300,000 declined by 5.2 percent, while the number of homes priced at $300,000 and above increased by 44.1 percent.

    The simple explanation for the unusual statistic is that there would be more low-end sales if our inventory wasn’t so thin. As of this writing, our local multiple-listing system showed that there were just 127 new and existing homes, townhomes and condominiums listed for sale at $299,900 or less, while 145 homes were listed for $300,000 or more.

    In a nutshell, a total of 206 home sales carrying prices of $300,000 or more were recorded during the first nine and a half months of last year. This year, the number increased by 91 units, to 297 closed sales. Here’s how the individual price ranges performed.

    In 2020, high-end home sales have seen a 44 percent increase since 2019.

    Local homebuilders are doing their best to add additional properties to our inventory but, because it takes anywhere from four to six months to construct a new home, it appears that they’ll be playing catch-up for the foreseeable future. Even if builders could accelerate the time it takes to add a home to the inventory, the $330,015 median sales price posted for the 60 new homes sold to date this year will do little to offset the shortage of properties in the low-to-moderate price ranges.

    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