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Published September 5, 2016
The short answer to the question is three and a half months. The long answer is that the actual time required depends on where the property is located. In this instance, the time represents how long it took to close the 913 transactions that were booked through our local multiple listing system during the first seven months of this year (pulled on 8/29/16), irrespective of where in the county (and in some cases farther away) the properties were located.
Sales that took place in and around Las Cruces tell a much different story. To illustrate the point, I pulled statistics for the five most active neighborhoods in the area, which together accounted for just under 42 percent of all sales. While I was at it, I also noted the price and production numbers for the new and existing free-standing, single-family homes sold in each area. First up is our area’s most active neighborhood.
Jornada/Las Colinas. This area is generally situated between Rinconada Boulevard and Jornada Road, north of Highway 70. It took an average of 68 days to sell and close the 140 transactions that took place during the period. The average sales price of $165,800 was virtually unchanged from one year ago, while sales increased by 33-units. If anyone asks how this area is performing, feel free to tell them that prices are stable, sales are up by 30.8%, and homes are selling 30 percent faster than they did last year.
Sonoma East. Located between E. Lohman Avenue and Northrise Drive from the Sonoma Ranch Boulevard area to the east, this area produced the second-highest number of sales. The 85 closings took 95 days to complete and produced an average selling price of $238,455. The average sales price was just $155 higher than last year at this time. In the end, values are stable, sales are up 20.6%, and homes are selling 40 percent faster.
Sonoma West. This area is number three on the list and encompasses both sides of Roadrunner Parkway to roughly Sonoma Ranch Boulevard, between E. Lohman Avenue and Northrise Drive. It took an average of 99 days to close the 66 sales that took place. Last year, it took 142 days to complete 76 transactions. This year’s average selling price of $221,547 was just over $9,000 higher than last year’s average. In the final analysis, sales are down 13.2 percent, values have increased by 4.3 percent, and the time required to sell a home has been reduced by 30 percent.
Elks Area. Bounded by Spitz Avenue, Elks Drive, and Highway 70 north to the city limits, the Elks area produced 54 sales with a market time of 95 days and an average sales price of $153,222. Last year, the numbers were forty-two, 119, and $143,260 respectively. Residents in this area can boast that values have increased by $9,950 (6.5%), sales are up 28.5%, and homes are selling almost 19 percent faster than last year.
4-Hills Area. Rounding out the top five, this area lies between Del Rey and Rinconada Boulevards, from Highway 70 north to roughly Engler Road. The 36 sales booked during the 7-month period took 72 days to close at an average sales price of $$140,470. Last year, 76 days were required to sell 47 homes, which carried an average selling price of $137,162. In a nutshell, sales are down 23%, prices are up by $3,578 (2.6%), and the average market time remains steady at around 2.4 months.
Condos and Townhomes. Fifty-six of the 913 homes sold were in this category. Townhomes accounted for 38 of the sales, with an average sales price of $121,500 and average market time of 140 days. Condominium sales made up the remaining 18 closings, which took 118 days to sell at an average sales price of $114,238.
At the opposite end of the spectrum are the Barker Road and Baylor Canyon areas, where homes remained on the market for 11.5 months. In the Barker Road area, which lies roughly south of Avenida de Mesilla to just north of University Avenue and west of S. Main Street, seven homes sold at an average price of $258,714. The five sales booked in the Baylor Canyon area, which runs along the Organ foothills between Highway 70 and Dripping Springs Road, brought an average selling price of $210,342.
If there’s a message in these numbers, it is to factor into your moving plans the time it takes to sell a home in your neighborhood.
See you at closing!
About author
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About Author
Gary Sandler
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